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 · VALUE-ADD
Verdi 331–335
La Salut · Gràcia · Barcelona
Deal terms
All figures illustrative — see footnote
14–22%†
Target ROC
~15%†
Target IRR
17%†
Base margin
~14 mo
Term
€3.18M
Total project cost
€3.0M
Peak capital
€250,000
Minimum ticket
SL SPV · Solo or 50/50 partnership
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
Existing volume exceeds today's planning
The GF+4/5 street front is taller than current rules would allow to build new — the existing volume is legal and preserved through renovation, meaning the product cannot be replicated nearby.
- 02
Not a gran rehabilitación
Scope kept within standard renovation — no 30% social-housing requirement, no heavy licensing procedure. Horizontal division follows the well-established route.
- 03
Sold at 95% completion
Construction partner's strategy: go to market with show-ready apartments. Previous comparable project sold 10 units in 3 weeks.
- 04
Fixed-price turnkey · overruns with contractor
€450K closed contract with a Barcelona GC that has a completed portfolio in the district. Cost overruns sit with the contractor, not the SPV.
- 05
Short cycle · 14 months
14 months closing-to-capital-return vs 28–32 months for ground-up. Same district, faster money.
Section 04 · Location
Where it sits.
La Salut is a quiet residential fold of Gràcia, 400m from Park Güell. Sea views from upper floors, Tibidabo views from the rooftop. Almost no new supply of the 'one-apartment-per-floor' class in recent years — the few that appeared sold quickly.
Indicative comparables — to be replaced with live market data
Address
€/m²
Sold
Renovated closings — La Salut / Vila de Gràcia
€5,500–7,500
H1 2026
Gràcia district asking-price average
€5,570
Q2 2026
70 m² ático with sea views on Verdi (live listing)
premium segment
listed
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
- ~8 apartments · one per floor · 65–70 m² · top-floor terrace unit
- GFA
- 802 m² (700 above ground + 118 basement) · plot 545 m²
- Architect
- Renovation package · construction partner
- General contractor
- External · fixed turnkey €450K
- Sustainability
- New lift · standard renovation package
- Delivery
- Q4 2027
Section 06 · Economics
Sources, uses, and scenarios.
Illustrative capital structure — final quantum set per transaction
Sources
Investor equity (peak requirement)
€3.0M
Senior debt
€0 (no debt)
Partnership option
50/50 with construction partner
Uses
Building acquisition
€2.0M
Transfer tax (20% Catalonia) + notary
€0.43M
Works · fixed turnkey
€0.45M
Contingency 8% · selling costs · holding
€0.302M
Exit scenarios — sensitivity across €/m²
Scenario
Exit price
Net profit
ROC†
Conservative
€5,000/m²
€429K
13.5%
Base
€5,200/m²
€542K
17.0%
Optimistic
€5,500/m²
€712K
22.3%
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 Proposal (6 pp)Locked
- Cadastral Extract · Legal DDLocked
- Independent Valuation (tasación)Locked
- Fixed-price Turnkey Contract (contractor)Locked
- Structural Inspection (1950s–60s stock)Locked
- Horizontal Division Path MemoLocked
- Partnership Term Sheet (50/50 option)Locked
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 Verdi 331–335?
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.