If you factor that in, it's ~38,000€/apartment, you got an extra 0 mixed in somewhere. Those debts should've never existed in the first place. It's public housing, it should not make profits and rather break even.

Nowadays the investor makes huge profits despite the 60 year rental agreements the state negotiated for the renters and the required 12.50€/m² per year improvements. How was the state unable to break even? It's a mystery.

Oh right, my bad, it's been 38k per apt. I've edited the comment. Indeed that's very cheap. As for debt never existing, it's pretty common to leverage in the real estate world.