{"id":89085,"date":"2026-07-17T14:51:30","date_gmt":"2026-07-17T12:51:30","guid":{"rendered":"https:\/\/blog.urbanitae.com\/?p=89085"},"modified":"2026-07-17T15:16:24","modified_gmt":"2026-07-17T13:16:24","slug":"residencial-altay-capital-appreciation-for-33-homes-in-armilla-granada","status":"publish","type":"post","link":"https:\/\/blog.urbanitae.com\/en\/2026\/07\/17\/residencial-altay-capital-appreciation-for-33-homes-in-armilla-granada\/","title":{"rendered":"Residencial Altay: Capital Appreciation for 33 Homes in Armilla, Granada"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"89085\" class=\"elementor elementor-89085 elementor-89071\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-section elementor-top-section elementor-element elementor-element-13e0a1c8 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"13e0a1c8\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-2d3d6260\" data-id=\"2d3d6260\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-6937a807 elementor-widget elementor-widget-text-editor\" data-id=\"6937a807\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><\/p>\n<p>Next <strong>Tuesday, 21 July at 16:00 (UTC+2)<\/strong>, we will open <strong>the Residencial Altay project<\/strong> for investment. This is a new capital appreciation opportunity in Armilla, Granada.<\/p>\n<p> <\/p>\n<p>The transaction consists of participating, together with the developer, in the development of a project comprising <strong>33 homes<\/strong> with parking spaces and storage rooms, distributed across two blocks with ground floor, first floor and penthouses.<\/p>\n<p> <\/p>\n<p>The project already has a pre-sales level of <strong>45%<\/strong>, with <strong>15 of the 33 homes commercialised<\/strong>, and offers Urbanitae investors a <strong>12% preferred IRR<\/strong>.<\/p>\n<p> <\/p>\n<ul class=\"wp-block-list\">\n<li>\ud83d\udcc5 <strong>Opening for investment:<\/strong> Tuesday, 21 July at 16:00 (UTC+2)<\/li>\n \n<li>\ud83c\udf99 <a href=\"https:\/\/us02web.zoom.us\/webinar\/register\/WN_dCR_UkS-QIGzUsBXS_X1mQ\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Project webinar<\/strong><\/a>: Monday, 20 July at 12:00 (UTC+2)<\/li>\n<\/ul>\n<p> <\/p>\n<h2 class=\"wp-block-heading\">33 Homes in Armilla<\/h2>\n<p> <\/p>\n<p><a href=\"https:\/\/urbanitae.com\/en\/project\/P000498\/?utm_source=blog_en&amp;utm_medium=organic&amp;utm_campaign=urbanitae_blog_0726&amp;utm_term=residencial_altay_1&amp;utm_content=en_proyecto_residencial_altay\" target=\"_blank\" rel=\"noreferrer noopener\" data-type=\"link\" data-id=\"https:\/\/urbanitae.com\/en\/project\/P000498\/?utm_source=blog_en&amp;utm_medium=organic&amp;utm_campaign=urbanitae_blog_0726&amp;utm_term=residencial_altay_1&amp;utm_content=en_proyecto_residencial_altay\">Residencial Altay<\/a> involves the development of <strong>33 multi-family homes<\/strong> across two blocks with ground floor, first floor and penthouses.<\/p>\n<p> <\/p>\n<p>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.<\/p>\n<p> <\/p>\n<p>The asset is located at <strong>calle Camino de Churriana, 64<\/strong>, in the municipality of <strong>Armilla<\/strong>, within the metropolitan area of Granada.<\/p>\n<p> <\/p>\n<h2 class=\"wp-block-heading\">A Location Connected to Granada and the PTS<\/h2>\n<p> <\/p>\n<p>Armilla offers good connections to the centre of Granada and to the <strong>Health Sciences Campus<\/strong>, known as the PTS, one of the city\u2019s main healthcare, university and business hubs.<\/p>\n<p> <\/p>\n<p>The surrounding area includes schools, health centres, shops, green areas and the <strong>Nevada Shopping<\/strong> centre nearby. This combination makes it possible to offer a quiet residential environment that is also well connected and has consolidated services.<\/p>\n<p> <\/p>\n<p>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.<\/p>\n<p> <\/p>\n<h2 class=\"wp-block-heading\">The Manager: Inversiones Blasiam<\/h2>\n<p> <\/p>\n<p>The manager of this opportunity is <strong>Inversiones Blasiam<\/strong>, a company based in Granada with experience in residential development in the area.<\/p>\n<p> <\/p>\n<p>The manager has completed <strong>three developments in Granada<\/strong> and is currently developing <a href=\"https:\/\/blog.urbanitae.com\/en\/2024\/07\/24\/new-project-invest-in-granada-with-a-29-return\/?utm_source=blog_en&amp;utm_medium=organic&amp;utm_campaign=urbanitae_blog_0726&amp;utm_term=homes_granada&amp;utm_content=en_proyecto_residencial_altay\" target=\"_blank\" rel=\"noreferrer noopener\" data-type=\"link\" data-id=\"https:\/\/blog.urbanitae.com\/en\/2024\/07\/24\/new-project-invest-in-granada-with-a-29-return\/?utm_source=blog_en&amp;utm_medium=organic&amp;utm_campaign=urbanitae_blog_0726&amp;utm_term=homes_granada&amp;utm_content=en_proyecto_residencial_altay\">more than <strong>100 homes<\/strong> across Granada<\/a>, M\u00e1laga and Almer\u00eda. It is also promoting another development with similar characteristics in the centre of Granada, <strong>Edificio Veletto<\/strong>, comprising 35 homes.<\/p>\n<p> <\/p>\n<p>In Residencial Altay, Inversiones Blasiam directly leads the commercialisation of the project, which began in November 2025 and has already reached 45% pre-sales.<\/p>\n<p> <\/p>\n<h2 class=\"wp-block-heading\">Permit in Final Stage and Bank Financing Negotiated<\/h2>\n<p> <\/p>\n<p>The building permit was requested in <strong>January 2026<\/strong> and is expected to be granted imminently, during the third quarter of 2026.<\/p>\n<p> <\/p>\n<p>After the transaction is formalised, the development company will acquire the plot and assume the initial project expenses. <a href=\"https:\/\/blog.urbanitae.com\/en\/2026\/04\/28\/real-estate-development-financing-accelerates-in-2025-new-update-of-the-urbanitae-kpmg-observatory\/?utm_source=blog_en&amp;utm_medium=organic&amp;utm_campaign=urbanitae_blog_0726&amp;utm_term=construction_financing&amp;utm_content=en_proyecto_residencial_altay\" target=\"_blank\" rel=\"noreferrer noopener\" data-type=\"link\" data-id=\"https:\/\/blog.urbanitae.com\/en\/2026\/04\/28\/real-estate-development-financing-accelerates-in-2025-new-update-of-the-urbanitae-kpmg-observatory\/?utm_source=blog_en&amp;utm_medium=organic&amp;utm_campaign=urbanitae_blog_0726&amp;utm_term=construction_financing&amp;utm_content=en_proyecto_residencial_altay\">Construction financing<\/a> will subsequently be covered through a bank developer loan, which has already been negotiated with one of the leading financial institutions in Spain.<\/p>\n<p> <\/p>\n<p>This structure makes it possible to combine the initial equity contribution with bank financing for the construction phase.<\/p>\n<p> <\/p>\n<h2 class=\"wp-block-heading\">12% Preferred IRR<\/h2>\n<p> <\/p>\n<p><a href=\"https:\/\/urbanitae.com\/en\/project\/P000498\/?utm_source=blog_en&amp;utm_medium=organic&amp;utm_campaign=urbanitae_blog_0726&amp;utm_term=residencial_altay_2&amp;utm_content=en_proyecto_residencial_altay\" target=\"_blank\" rel=\"noreferrer noopener\" data-type=\"link\" data-id=\"https:\/\/urbanitae.com\/en\/project\/P000498\/?utm_source=blog_en&amp;utm_medium=organic&amp;utm_campaign=urbanitae_blog_0726&amp;utm_term=residencial_altay_2&amp;utm_content=en_proyecto_residencial_altay\">Residencial Altay<\/a> is structured as a <a href=\"https:\/\/mkt.urbanitae.com\/urbanitae_project_equity_en.html?utm_source=blog_en&amp;utm_medium=organic&amp;utm_campaign=urbanitae_blog_0726&amp;utm_term=capital_appreciation_project&amp;utm_content=en_proyecto_residencial_altay\" target=\"_blank\" rel=\"noreferrer noopener\" data-type=\"link\" data-id=\"https:\/\/mkt.urbanitae.com\/urbanitae_project_equity_en.html?utm_source=blog_en&amp;utm_medium=organic&amp;utm_campaign=urbanitae_blog_0726&amp;utm_term=capital_appreciation_project&amp;utm_content=en_proyecto_residencial_altay\">capital appreciation project<\/a>. 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.<\/p>\n<p> <\/p>\n<p>The main characteristics of the transaction are:<\/p>\n<p> <\/p>\n<ul class=\"wp-block-list\">\n<li><strong>Project type:<\/strong> capital appreciation<\/li>\n \n<li><strong>Location:<\/strong> Armilla, Granada<\/li>\n \n<li><strong>Product:<\/strong> 33 homes with parking spaces and storage rooms<\/li>\n \n<li><strong>Urbanitae ticket:<\/strong> \u20ac890,000<\/li>\n \n<li><strong>Estimated term:<\/strong> 31-35 months<\/li>\n \n<li><strong>Preferred IRR:<\/strong> 12%<\/li>\n \n<li><strong>Pre-sales:<\/strong> 15 of 33 homes, 45% of the total<\/li>\n<\/ul>\n<p> <\/p>\n<p>The distribution structure establishes that Urbanitae investors will have payment priority until they recover their investment plus a <strong>12% IRR<\/strong>. Only after this <a href=\"https:\/\/blog.urbanitae.com\/en\/2025\/05\/30\/what-are-preferred-irr-projects-at-urbanitae\/?utm_source=blog_en&amp;utm_medium=organic&amp;utm_campaign=urbanitae_blog_0726&amp;utm_term=preferred_return&amp;utm_content=en_proyecto_residencial_altay\" target=\"_blank\" rel=\"noreferrer noopener\" data-type=\"link\" data-id=\"https:\/\/blog.urbanitae.com\/en\/2025\/05\/30\/what-are-preferred-irr-projects-at-urbanitae\/?utm_source=blog_en&amp;utm_medium=organic&amp;utm_campaign=urbanitae_blog_0726&amp;utm_term=preferred_return&amp;utm_content=en_proyecto_residencial_altay\">preferred return<\/a> has been met will the developer recover its capital and an equivalent return.<\/p>\n<p> <\/p>\n<p>If additional profits are generated above that threshold, the developer will receive <strong>35% of the excess<\/strong>, and the remaining amount will be distributed pro rata according to shareholding.<\/p>\n<p> <\/p>\n<p><a href=\"https:\/\/blog.urbanitae.com\/en\/2026\/04\/01\/how-sponsor-co-investment-affects-a-real-estate-project\/?utm_source=blog_en&amp;utm_medium=organic&amp;utm_campaign=urbanitae_blog_0726&amp;utm_term=manager_contribute_capital&amp;utm_content=en_proyecto_residencial_altay\" target=\"_blank\" rel=\"noreferrer noopener\" data-type=\"link\" data-id=\"https:\/\/blog.urbanitae.com\/en\/2026\/04\/01\/how-sponsor-co-investment-affects-a-real-estate-project\/?utm_source=blog_en&amp;utm_medium=organic&amp;utm_campaign=urbanitae_blog_0726&amp;utm_term=manager_contribute_capital&amp;utm_content=en_proyecto_residencial_altay\"><strong>The manager will contribute its own capital<\/strong><\/a> <strong>equivalent to 30% of the total investment value<\/strong>, reinforcing the alignment of interests between the parties.<\/p>\n<p><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-section elementor-top-section elementor-element elementor-element-fe15873 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"fe15873\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-822971b\" data-id=\"822971b\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-aae015d elementor-widget elementor-widget-video\" data-id=\"aae015d\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;youtube_url&quot;:&quot;https:\\\/\\\/youtu.be\\\/4Ypq94-GOdY&quot;,&quot;video_type&quot;:&quot;youtube&quot;,&quot;controls&quot;:&quot;yes&quot;}\" data-widget_type=\"video.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-wrapper elementor-open-inline\">\n\t\t\t<div class=\"elementor-video\"><\/div>\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-section elementor-top-section elementor-element elementor-element-cf0de7d elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"cf0de7d\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-60f8f7a\" data-id=\"60f8f7a\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-0ec1559 elementor-widget elementor-widget-text-editor\" data-id=\"0ec1559\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h2 class=\"wp-block-heading\">Why Invest in the Residencial Altay Project<\/h2>\n<p> <\/p>\n<p>These are some of the main strengths of the transaction:<\/p>\n<p> <\/p>\n<ul class=\"wp-block-list\">\n<li><strong>New-build residential project<\/strong> in Armilla, within the metropolitan area of Granada.<\/li>\n \n<li><strong>45% pre-sales<\/strong>, with 15 of the 33 homes already commercialised.<\/li>\n \n<li><strong>12% preferred IRR<\/strong> for Urbanitae investors.<\/li>\n \n<li><strong>Experienced local developer<\/strong>, with three completed developments in Granada.<\/li>\n \n<li><strong>More than 100 homes under development<\/strong> across Granada, M\u00e1laga and Almer\u00eda.<\/li>\n \n<li><strong>Developer capital contribution<\/strong>, equivalent to 30% of the equity.<\/li>\n \n<li><strong>Bank financing negotiated<\/strong> with a national financial institution.<\/li>\n \n<li><strong>Product with terraces, gardens, penthouses with private pool and communal rooftop pool<\/strong>.<\/li>\n<\/ul>\n<p> <\/p>\n<h2 class=\"wp-block-heading\">What Return Can I Obtain?<\/h2>\n<p> <\/p>\n<p>In equity projects, applicable regulations do not allow <a href=\"https:\/\/blog.urbanitae.com\/en\/2026\/07\/15\/we-close-the-first-half-of-2026-with-e158-million-transacted\/?utm_source=blog_en&amp;utm_medium=organic&amp;utm_campaign=urbanitae_blog_0726&amp;utm_term=crowdfunding_platforms_return&amp;utm_content=en_proyecto_residencial_altay\" target=\"_blank\" rel=\"noreferrer noopener\" data-type=\"link\" data-id=\"https:\/\/blog.urbanitae.com\/en\/2026\/07\/15\/we-close-the-first-half-of-2026-with-e158-million-transacted\/?utm_source=blog_en&amp;utm_medium=organic&amp;utm_campaign=urbanitae_blog_0726&amp;utm_term=crowdfunding_platforms_return&amp;utm_content=en_proyecto_residencial_altay\">crowdfunding platforms to communicate a specific estimated return<\/a> for the project. For this reason, Urbanitae publishes three economic scenarios on each opportunity page \u2013 favourable, moderate and adverse \u2013 with different assumptions for revenues and costs.<\/p>\n<p> <\/p>\n<p>In all scenarios, the calculation formula is the same: <strong>forecast revenue minus estimated costs, divided by total equity<\/strong>.<\/p>\n<p> <\/p>\n<p>In the favourable scenario for Residencial Altay, total forecast revenue amounts to <strong>\u20ac8,731,897<\/strong>, while estimated total costs amount to <strong>\u20ac8,065,942<\/strong>, based on total equity of <strong>\u20ac890,000<\/strong>.<\/p>\n<p> <\/p>\n<p>The forecasts are estimates and may vary depending on economic, commercial, technical or any other circumstances during the life of the project.<\/p>\n<p> <\/p>\n<h2 class=\"wp-block-heading\">Estimated Timeline<\/h2>\n<p> <\/p>\n<p>The estimated term of the project is <strong>31-35 months<\/strong>.<\/p>\n<p> <\/p>\n<p>The main expected milestones are:<\/p>\n<p> <\/p>\n<ul class=\"wp-block-list\">\n<li><strong>Third quarter of 2026:<\/strong> capital contribution, acquisition of the asset and granting of the building permit.<\/li>\n \n<li><strong>Fourth quarter of 2026:<\/strong> start of construction works.<\/li>\n \n<li><strong>Fourth quarter of 2028:<\/strong> expected completion of construction works.<\/li>\n \n<li><strong>First quarter of 2029:<\/strong> declaration of new construction and delivery of the homes.<\/li>\n \n<li><strong>Second quarter of 2029:<\/strong> distribution of profits to investors.<\/li>\n<\/ul>\n<p> <\/p>\n<p>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.<\/p>\n<p> <\/p>\n<h2 class=\"wp-block-heading\">Do You Have Questions About the Project?<\/h2>\n<p> <\/p>\n<p>The opening for investment in <a href=\"https:\/\/urbanitae.com\/en\/project\/P000498\/?utm_source=blog_en&amp;utm_medium=organic&amp;utm_campaign=urbanitae_blog_0726&amp;utm_term=residencial_altay_3&amp;utm_content=en_proyecto_residencial_altay\" target=\"_blank\" rel=\"noreferrer noopener\" data-type=\"link\" data-id=\"https:\/\/urbanitae.com\/en\/project\/P000498\/?utm_source=blog_en&amp;utm_medium=organic&amp;utm_campaign=urbanitae_blog_0726&amp;utm_term=residencial_altay_3&amp;utm_content=en_proyecto_residencial_altay\">Residencial Altay<\/a> will take place on <strong>Tuesday, 21 July at 16:00 (UTC+2)<\/strong>.<\/p>\n<p> <\/p>\n<p>You can ask your questions in the <a href=\"https:\/\/us02web.zoom.us\/webinar\/register\/WN_dCR_UkS-QIGzUsBXS_X1mQ\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>webinar<\/strong><\/a> on <strong>Monday, 20 July at 12:00 (UTC+2)<\/strong>.<\/p>\n<p> <\/p>\n<p>You can also write to us at <a href=\"mailto:contacto@urbanitae.com\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>contacto@urbanitae.com<\/strong><\/a> or call us on <strong>(+34) 911 23 25 22<\/strong>.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Residencial Altay offers the opportunity to invest in a 33-home development in Armilla, with 45% pre-sales, bank financing under negotiation and a 12% preferred IRR.<\/p>\n","protected":false},"author":1,"featured_media":89084,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[1076,926],"tags":[1167,1963,1953,2104],"class_list":["post-89085","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt","category-projects","tag-andalousie","tag-real-estate-crowdfunding","tag-real-estate-crowdlending","tag-real-estate-investment-2"],"blocksy_meta":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Invest in residential property in Granada: Residencial Altay<\/title>\n<meta name=\"description\" content=\"Discover how to invest in residential property in Granada with Residencial Altay: 33 homes in Armilla, 45% pre-sales and a 12% preferred IRR.\" \/>\n<meta name=\"robots\" content=\"index, follow, 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