Pre-opening | Urbanitae opens an equity round for the development of 33 homes in Armilla (Granada)

16/07/2026 – ⏱ 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 is preparing a real estate investment opportunity in Armilla (Granada). The operation, named Residencial Altay Project, consists of the purchase of a plot for the development of 33 homes with parking spaces and storage rooms in a multifamily building, and is managed by INVERSIONES BLASIAM. Investors should keep in mind that any reference to return is inseparable from the corresponding risk, which is described below.

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 will subsequently enter 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, and should additional profits be generated the developer will receive 35% of the excess, with the remainder distributed pro rata to shareholding. 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. Armilla has connections to the center of Granada and to the Health Campus (PTS), as well as schools, health centers, shops, green areas and the Nevada Shopping mall nearby.

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 directly by INVERSIONES BLASIAM, and as of publication 15 of the 33 homes have been marketed (45%). According to the planned timeline, the capital contribution, the purchase of the asset and the granting of the permit are set for the third quarter of 2026; the start of construction, for the fourth quarter of 2026; its completion, for the fourth quarter of 2028; the new-build declaration and delivery of the homes, for the first quarter of 2029; and the distribution of profits, for the second quarter of 2029. The manager, INVERSIONES BLASIAM, is based in Granada, has completed three developments in the city and is currently developing more than 100 homes across Granada, Málaga and Almería, including a 35-home development in central Granada (Edificio Veletto).

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.

Among the risks identified by the platform are the extension of the planned timelines due to delays in marketing or in the drawdown of external financing, cost deviations and unforeseen events in construction, delays in sales or the need to lower prices, and the possibility of substantial changes occurring between the start of the funding campaign and the formalization of the capital increase, in which case the project would be cancelled and the contributed capital returned.

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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