render
RESERVED · WAITLIST OPEN
Gloria Playa · Calle Ulpiano 82–84
Torrevieja · Costa Blanca
RESIDENTIAL · COMPLETION
47–74%†
Target ROC
~55%†
Target IRR
12–16 mo
Term
From €300,000
Waitlist open — 4 investors registered
Register interestrender
AVAILABLE
RESIDENTIAL · GROUND-UP
Pau Alsina 18
Camp d'en Grassot · Barcelona
Deal terms
All figures illustrative — see footnote
21–25%†
Target ROC
~10%†
Target IRR
21%†
Base margin
~28 mo
Term
€3.57M
Total project cost
€3.57M
Peak capital
€400,000
Minimum ticket
SL SPV · Land as inventory
Structure
†Target figure — illustrative and not a projection. Past performance is not indicative of future results. Full model available in the data room.
Section 03 · Thesis
Why this deal.
- 01
Premium Gràcia district
Camp d'en Grassot sits between Joanic and Sagrada Família — one of Barcelona's tightest submarkets. Absorption on new-build stock is fast and pricing has been directionally intact across two cycles.
- 02
New-build scarcity is the moat
Ground-up projects in this consolidated district are structurally rare — the acquisition is competing against renovation, not new construction. Small competitive set at delivery.
- 03
Compact format · highest €/m²
Nine compact apartments target the sweet spot of Barcelona's owner-occupier demand; smaller unit sizes carry the highest €/m² in the market.
- 04
Tax-efficient structure
Acquired as a plot at 1.5% transfer tax (not 20% ITP) — clean tax perimeter mapped with counsel before signing.
- 05
Award-winning architect
Atienza Maure Arquitectos leads the design: modern Mediterranean vocabulary — sand-toned lime render, timber louvers, deep window reveals, top-floor roof terrace.
Section 04 · Location
Where it sits.
Camp d'en Grassot is a low-turnover residential district north of the Eixample, on the border of Gràcia's core. New-build supply is scarce; the buyer profile is a mix of Spanish upgrade demand and long-hold international owners. Pricing is directionally intact across two cycles.
Indicative comparables — to be replaced with live market data
Address
€/m²
Sold
Similar Gràcia new-build sales
€7,800–8,400
H1 2026
Renovated closings, Vila de Gràcia
€6,200–7,500
H1 2026
District asking-price average
€6,606
Q2 2026
Illustrative — sourced ranges from Idealista and Registro data on final publication, verified per-transaction before the data room opens.
map · static tile
Section 05 · The project
What we're building.
render — massing
render — facade
render — typical unit
- Unit mix
- 9 apartments · compact 1–2 bed + top-floor terrace
- GFA
- 732 m² total · 710 m² sellable
- Architect
- Atienza Maure Arquitectos
- General contractor
- External · fixed turnkey
- Sustainability
- Modern Mediterranean · timber louvers · green roof terrace
- Delivery
- H2 2028
Section 06 · Economics
Sources, uses, and scenarios.
Illustrative capital structure — final quantum set per transaction
Sources
Investor equity
€3.57M
Senior debt
€0 (no debt)
Pre-sale advances
TBC — modelled in later tranches
Uses
Plot acquisition (+ 1.5% transfer tax)
€1.428M
Construction (all-included, €2,920/m²)
€2.137M
Selling costs (3%)
€0.141M
Corporate income tax (15%)
€0.148M
Exit scenarios — sensitivity across €/m²
Scenario
Exit price
Net profit
ROC†
Conservative
€8,000/m²
€836K
23%
Scenarios reflect exit-price sensitivity; construction budget, timeline and structure are held constant. Base is the underwriting case.
Section 07 · The developer
Why we can execute.
Sourcing
Off-market and distressed inventory via a decade-old broker and servicer network.
Construction
In-house GC across Spain — no external contractor markup on the critical path.
Permitting
Municipal permit management handled internally, in coordination with local counsel.
Sales
Unit-by-unit retail distribution, private buyer network + broker channel.
Section 08 · Data room
The full model.
- Investment ProposalLocked
- Architect Package (Atienza Maure)Locked
- Plot Legal Due Diligence · Cadastro extractLocked
- Construction Budget · Bill of QuantitiesLocked
- Cashflow · Sensitivity ModelLocked
- Urban-planning Certificate (PGOU)Locked
- Tax Structuring MemoLocked
Investment memorandum, business plan, sensitivity model, legal DD, independent valuation, and the full cashflow / waterfall — available to qualified investors on request.
Request data-room accessSection 09 · Enquire
Interested in Pau Alsina 18?
Share a few details. A principal will respond within two business days.
Shown to qualified and professional investors only. This is not a public offer or investment recommendation.