As usual, Urbania will renovate of the building and the apartments and thus creating a substantial increase in the income of the building.
With this latest acquisition, Urbania further consolidates a strong presence in one of the most dynamic areas of Madrid capital. The neighborhood is currently undergoing a major renovation and attracting an ever-growing young population and foreign tourists looking for the best place to stay. The neighborhood has a large offer of great restaurants and bars and is within walking distance of the three top museums of Madrid (Prado, Thyssen and Reina Sofía).
The building is composed of 25 apartments and two commercial units and has a total built area of 2.900 m2. All apartments are exterior facing with a surface of 60 m2 to 110 m2. There are five apartments per floor.
The general condition of the building is excellent with continuous maintenane performed by the former owner. Our strategy is to create a larger number of apartments and an important effort to modernize the common areas and the apartments. The rent roll can be improved substantially. The excellent location, the large demand for apartments in the neighborhood and the great flexibility of the building for either short-term, long-term rent or sales makes this acquisition an excellent opportunity to assure a good return on investment.