German residential property developer Instone Real Estate Group has acquired a site in Leipzig to build 330 apartments with a total investment of 110 million euros ($123 million).

The company bought the 13,000 square meters site in Leipzig for an undisclosed sum and it expects construction work to begin in 2021.

Instone Real Estate noted that it is planning a lively mix of classic condominiums with two to five rooms, age-appropriate apartments as well as apartments for students and professionals at the site.

The company added that a listed multiple-family building on the property is also being refurbished in accordance with the requirements for listed status.