Invest in residential property in Granada: Residencial Altay

Next Tuesday, 21 July at 16:00 (UTC+2), we will open the Residencial Altay project for investment. This is a new capital appreciation opportunity in Armilla, Granada.

The transaction consists of participating, together with the developer, in the development of a project comprising 33 homes with parking spaces and storage rooms, distributed across two blocks with ground floor, first floor and penthouses.

The project already has a pre-sales level of 45%, with 15 of the 33 homes commercialised, and offers Urbanitae investors a 12% preferred IRR.

📅 Opening for investment: Tuesday, 21 July at 16:00 (UTC+2)
🎙 Project webinar: Monday, 20 July at 12:00 (UTC+2)

33 Homes in Armilla

Residencial Altay involves the development of 33 multi-family homes across two blocks with ground floor, first floor and penthouses.

The development will include parking spaces and storage rooms. The ground-floor homes will have terraces and gardens, while the penthouses will include a private swimming pool. In addition, the project will feature a rooftop swimming pool as a communal area.

The asset is located at calle Camino de Churriana, 64, in the municipality of Armilla, within the metropolitan area of Granada.

A Location Connected to Granada and the PTS

Armilla offers good connections to the centre of Granada and to the Health Sciences Campus, known as the PTS, one of the city’s main healthcare, university and business hubs.

The surrounding area includes schools, health centres, shops, green areas and the Nevada Shopping centre nearby. This combination makes it possible to offer a quiet residential environment that is also well connected and has consolidated services.

The location fits with demand for primary residences in the metropolitan area of Granada, especially among buyers looking for new-build homes, nearby services and good connections to the capital.

The Manager: Inversiones Blasiam

The manager of this opportunity is Inversiones Blasiam, a company based in Granada with experience in residential development in the area.

The manager has completed three developments in Granada and is currently developing more than 100 homes across Granada, Málaga and Almería. It is also promoting another development with similar characteristics in the centre of Granada, Edificio Veletto, comprising 35 homes.

In Residencial Altay, Inversiones Blasiam directly leads the commercialisation of the project, which began in November 2025 and has already reached 45% pre-sales.

Permit in Final Stage and Bank Financing Negotiated

The building permit was requested in January 2026 and is expected to be granted imminently, during the third quarter of 2026.

After the transaction is formalised, the development company will acquire the plot and assume the initial project expenses. Construction financing will subsequently be covered through a bank developer loan, which has already been negotiated with one of the leading financial institutions in Spain.

This structure makes it possible to combine the initial equity contribution with bank financing for the construction phase.

12% Preferred IRR

Residencial Altay is structured as a capital appreciation project. Contributions from Urbanitae investors will be channelled through a capital increase in a special purpose vehicle created for this purpose, which will later enter the project development company.

The main characteristics of the transaction are:

Project type: capital appreciation
Location: Armilla, Granada
Product: 33 homes with parking spaces and storage rooms
Urbanitae ticket: €890,000
Estimated term: 31-35 months
Preferred IRR: 12%
Pre-sales: 15 of 33 homes, 45% of the total

The distribution structure establishes that Urbanitae investors will have payment priority until they recover their investment plus a 12% IRR. Only after this preferred return has been met will the developer recover its capital and an equivalent return.

If additional profits are generated above that threshold, the developer will receive 35% of the excess, and the remaining amount will be distributed pro rata according to shareholding.

The manager will contribute its own capital equivalent to 30% of the total investment value, reinforcing the alignment of interests between the parties.

Why Invest in the Residencial Altay Project

These are some of the main strengths of the transaction:

New-build residential project in Armilla, within the metropolitan area of Granada.
45% pre-sales, with 15 of the 33 homes already commercialised.
12% preferred IRR for Urbanitae investors.
Experienced local developer, with three completed developments in Granada.
More than 100 homes under development across Granada, Málaga and Almería.
Developer capital contribution, equivalent to 30% of the equity.
Bank financing negotiated with a national financial institution.
Product with terraces, gardens, penthouses with private pool and communal rooftop pool.

What Return Can I Obtain?

In equity projects, applicable regulations do not allow crowdfunding platforms to communicate a specific estimated return for the project. For this reason, Urbanitae publishes three economic scenarios on each opportunity page – favourable, moderate and adverse – with different assumptions for revenues and costs.

In all scenarios, the calculation formula is the same: forecast revenue minus estimated costs, divided by total equity.

In the favourable scenario for Residencial Altay, total forecast revenue amounts to €8,731,897, while estimated total costs amount to €8,065,942, based on total equity of €890,000.

The forecasts are estimates and may vary depending on economic, commercial, technical or any other circumstances during the life of the project.

Estimated Timeline

The estimated term of the project is 31-35 months.

The main expected milestones are:

Third quarter of 2026: capital contribution, acquisition of the asset and granting of the building permit.
Fourth quarter of 2026: start of construction works.
Fourth quarter of 2028: expected completion of construction works.
First quarter of 2029: declaration of new construction and delivery of the homes.
Second quarter of 2029: distribution of profits to investors.

As with any real estate development, timelines may vary, both upwards and downwards, depending on the actual progress of the project, construction works, commercialisation and financing conditions.