Bouwinvest Real Estate Investors Acquires 167 Rental Apartments in The Future in Alkmaar

Bouwinvest Real Estate Investors has acquired 167 rental apartments in The Future, a 437-apartment development in Alkmaar, the Netherlands, the firm announced Nov. 2. Of the acquired homes, 126 will be let in the mid-rent segment upon completion, adding housing for middle-income households under Bouwinvest's Dutch Impact Mandate.

Bouwinvest Real Estate Investors Adds Mid-Rent Housing in Alkmaar

The Future is located next to NS Station Alkmaar Noord. The development comprises 437 apartments in total. In addition to the 167 rental apartments acquired by Bouwinvest, the project will include 143 social rental apartments owned by housing association Kennemer Wonen and 127 owner-occupied apartments. Kennemer Wonen's building will also include a community space.

Of Bouwinvest's 167 apartments, 126 will be let in the mid-rent segment upon completion, at rents up to approximately €1,350 per month including the new-build surcharge, at 2026 price levels. The homes target households that earn too much for social housing but for whom the free-market sector is out of reach.

Dutch Impact Mandate Criteria

Under the Dutch Impact Mandate, impact is a precondition for every investment, Bouwinvest said. Each project must demonstrably contribute to one of two goals: more mid-rent housing for middle-income households, or construction methods that emit less CO2. Bouwinvest tests this in advance against measurable criteria, such as a minimum share of mid-rent homes at the start of letting. Fixed requirements for energy consumption and climate resilience also apply.

"Pension funds want their investments to deliver not only returns, but also a contribution to societal challenges," said Maya Savelkoul, Fund Manager at Bouwinvest. "Real estate is a logical choice for this, because the impact is tangible. For pension funds, we therefore manage two impact products, the Dutch Senior Living Impact Fund and the Dutch Impact Mandate, in which we also make that impact measurable. By investing pension capital in new homes such as those in The Future, our clients are helping to reduce the housing shortage in the Netherlands."

Sustainability Features

The building will be entirely gas-free and will have an A+++ energy label. Heating and cooling will be provided by an aquifer thermal energy storage (ATES) system. According to Bouwinvest, the building complies with the CRREM 1.5-degree pathway for energy intensity and with the EU Taxonomy. The climate risk scan shows no high risks, and the construction site will be registered with Bewuste Bouwers.

Market Context: Dutch Rental Housing Supply

The acquisition comes as demand in the Dutch housing market materially exceeds supply, particularly for affordable and mid-market rental housing. Social housing has long waiting lists because demand for affordable rental housing outstrips supply. Regulatory changes and higher financing and tax costs have also encouraged landlords to sell rental properties; the private rental stock was approximately 16,000 homes smaller on Jan. 1, 2026, than two years earlier.

Rent caps now apply in the mid-market to homes of up to 186 housing-valuation points. CBRE says Dutch real estate returns are increasingly expected to come from rental income and rental growth rather than further initial-yield compression. CBRE reported that initial yields for regulated mid-market rental housing declined from 3.8% at the end of 2024 to 3.5% in its 2026 review.

Bouwinvest Portfolio Context

Bouwinvest reported that its assets under management increased from €16.6 billion to €17.8 billion in 2025, while average total portfolio return on invested capital rose to 7.5% from 6.4%. Its Residential Fund reported a 9.1% total return in 2025, made up of a 2.6% income return and 6.4% capital growth. Redemption requests in the Residential Fund reached 7.6% of assets under management in the period through the first quarter of 2026, compared with 5% in 2022 and an average of 1% annually in 2023 and 2024.

The Future's location beside Alkmaar Noord station places the city centre a short bicycle trip away, with green space nearby.

Sources

Bouwinvest, "Impact in Alkmaar: Bouwinvest acquires 167 rental apartments in The Future": https://bouwinvest.com/news-publications/impact-in-alkmaar-bouwinvest-acquires-167-rental-apartments-in-the-future/