We continue to return capital and interest to our investors. This time, it’s the Vedat eHomes project in Torrent (Valencia), developed by Conforthogar. The operation has generated a gross return of 36.6% over 28 months, equivalent to an IRR of 13.9%.
Launched in December 2022, Vedat eHomes was our first project with Conforthogar, a developer specialized in sustainable housing with over 20 years of experience in the Valencian Community. The project involved the development of a new-build promotion on Avenida Al Vedat 191 in Torrent. Specifically, the asset included 18 two- and three-bedroom homes, 4 commercial premises, 11 private parking spaces with storage rooms, 12 community parking spaces, and 7 storage units.
Efficient Management and Strong Sales
From the start, Vedat eHomes stood out for its strong commercial performance. A high level of pre-sales facilitated the granting of development financing by BBVA. As construction progressed, sales continued successfully, and by the time the building was completed, all units had been sold.
Construction began in December 2022, just a few weeks after the project launched, and was completed 24 months later, in line with the planned schedule despite some final-phase challenges. These included delays caused by a DANA (isolated depression at high levels) weather event in Valencia and some supply chain difficulties. Additionally, there were cost overruns related to the development of the community green space.
On top of these issues, tougher financial conditions due to rising interest rates added pressure. However, the increase in revenue from unit sales helped offset the additional costs. The average sale price reached €2,642/m², slightly above initial projections.
Outcome Very Close to the Target
The final result—a gross return of 36.6%—came very close to the initial target of 38.5%. At Urbanitae, we are highly satisfied with the developer’s management, having successfully adapted to challenges and delivered on time, within budget, and in line with their commitment to investors.
Vedat eHomes is yet another example of how Urbanitae’s crowdfunding model allows small investors to access high-quality real estate investment opportunities that are well-managed and offer attractive returns.
Want to learn more about this project? Check out the article we published when it was opened for investment:
👉 Valencia: First Investment with Conforthogar
