Campaign Close | Urbanitae completes the €890,000 equity raise for the development of 33 homes in Armilla (Granada)

27/07/2026 – ⏱ 4 min

This article is for informational purposes only and does not, under any circumstances, constitute investment advice or a recommendation.

The crowdfunding platform Urbanitae has issued the closing report for the fundraising round of the Residencial Altay Project, which consists of the purchase of a plot for the development of 33 homes with parking spaces and storage rooms in a multifamily building in Armilla (Granada), managed by INVERSIONES BLASIAM. The operation, structured as an equity investment through a special-purpose vehicle, was intended to finance the portion corresponding to the platform's investors. The subscription process has concluded, consolidating an amount raised of €890,000. Investors should keep in mind that any reference to return is inseparable from the corresponding risk, which is described below.

The campaign completed its €890,000 target in a period of 5 days. The analysis of the flow of contributions during that interval records an average contribution ratio of approximately €124 per minute.

Investor Base and Capital Distribution

The campaign concluded after registering the participation of 541 investors, who covered the entire amount assigned to the operation. The distribution of the funds raised among that number of contributors yields an average investment ticket of approximately €1,645 per participant.

Structure of the Operation and Terms for the Investor

The operation is structured through a capital increase: the contributions of Urbanitae investors are channeled through the special-purpose vehicle ATLAS OPPORTUNITIES 3, S.L., which subsequently enters the project's developer company, EDIFICIO ALTAY, S.L., to acquire the plot and cover the start-up costs of the development. The manager's contribution amounts to 30% of the total value of the investment, and the construction financing will subsequently be supported by a bank developer loan which, according to the platform, has already been negotiated with a national institution. A distribution structure has been established in which Urbanitae investors have priority of collection until they recover their investment plus a 12% IRR return (preferential return); only after that return is satisfied does the developer recover its capital and an equivalent return. As this is an equity project, and in accordance with the CNMV criterion, no estimated profitability is communicated; the preferential return indicated is subject to investment risk, is not guaranteed and might not be obtained. The estimated term of the project is 31 to 35 months. In compliance with the European regulatory framework, non-experienced investors have a four-calendar-day pre-contractual reflection period during which they may revoke their commitment at no cost and without justification.

Asset Description, Planning Progress and Commercial Traction

The asset is a plot located at Calle Camino de Churriana, 64, in the municipality of Armilla (Granada), on which 33 homes will be developed across two blocks of ground floor, first floor and penthouses. The ground-floor homes have terraces and gardens, the penthouses have private pools, and the common areas include a rooftop pool. The building permit was applied for in January 2026 and the platform estimates it will be granted during the third quarter of 2026. Marketing began in November 2025, led by INVERSIONES BLASIAM, and as of the close 15 of the 33 homes had been marketed (45%). The manager is based in Granada, has completed three developments in the city and is currently developing more than 100 homes across Granada, Málaga and Almería.

Economic Scenarios

In accordance with the CNMV criterion, in addition to the base (favorable) scenario proposed by the manager, in equity projects two additional scenarios are published showing potential variations in the business plan. In the favorable scenario, verified by Urbanitae and cross-checked against the valuation report by Grupo TR, the forecast of total income amounts to €8,731,897 against estimated total costs of €8,065,942, on a total equity of €890,000. The moderate scenario contemplates a 10% increase in construction costs without modifying sale prices, keeping income at €8,731,897 and placing costs at €8,347,914. The unfavorable scenario contemplates a 10% cost increase together with a 7.5% reduction in sale prices, with income of €8,077,005 and costs of €8,213,001, which would result in a negative outcome with partial loss of the contributed capital. These forecasts are mere estimates and are subject to variations that may arise from the economic, social or other situation over the duration of the project.

Finally, in compliance with the regulations governing crowdfunding platforms, investors are reminded that this is a participatory financing product and not a deposit or a guaranteed savings product, and that real estate investments carry specific risks, such as illiquidity, the risk of not obtaining the expected return, or the partial or total loss of the invested capital. This crowdfunding project is not supervised by the CNMV or the Bank of Spain, and the information provided has not been reviewed by these institutions. Likewise, the invested capital is not covered by the deposit guarantee fund or the investor compensation scheme.

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