Allegria
Specialist investor, developer and asset manager of high-quality living assets across the principal cities of Italy. Based in Milan, focused on purpose-built student accommodation (PBSA) and Co-Living projects.
Background
Allegria is part of the Bongiorno Group of companies, a property investment group controlled by the Bongiorno Family Office. Over the last 10 years the company has evolved from multi-unit apartment projects in Milan to establishing itself as a leader in the Italian institutional Living sector.
The Group has acquired a development pipeline of medium and large-scale PBSA and Flex-Living projects in principal cities of Northern and Central Italy, with over 1,500 beds at various stages of development and a further 800 under exclusivity. Allegria is also the development partner of the NL SICAF, launched at the beginning of 2026.
PBSA Market Opportunity
Due to high development costs and planning challenges, Italy still lags behind all major European economies in PBSA provision — 7.3% versus a European average exceeding 15% (Colliers Research 2025).
Over the last 5 years, Italy has experienced one of the most rapid increases in international student presence, which has doubled to over 160,000 (JLL Research 2024). The supply shortage has driven rapid rent and value growth, stimulating growing investor demand.
Flex-Living Market
The European flexible living market is rapidly evolving. Habyt — a leader with over 12,000 live and signed units in 10 countries — is partnering with Allegria to create hybrid buildings combining long-stay student accommodation with flex-living apartments, sharing common spaces and facilities.
This fusion provides a robust long-stay revenue stream combined with more profitable short-stay upside.
Mission Statement
Allegria maximises long term asset value for its investors by selecting and developing the best properties and ensuring that they are leased and managed to optimise revenues, offering a great quality of life for residents.
Sustainability & ESG
Allegria targets a minimum of LEED Gold/Breeam certification on all developments. Many projects repurpose existing structures, minimising waste and carbon emissions. Material choices and energy-saving measures focus on long-term sustainability and reduced running costs.
The company works closely with the Fondazione Mike Bongiorno, awarding grants in collaboration with prestigious Italian universities to support students and families with tuition fees.