Coliving building in Poblesec, Barcelona (Spain)

[Erwin Groenendijk]

Investment Info:

Large multi-family (5+ units) other investment in Barcelona.

Purchase price: $75,000
Cash invested: $75,000

Contributors:
Adrià Creixell

Property managing a building in Poblesec, Barcelona (Spain) with 13 apartments and 35 created rooms where we are applying coliving. Every apartment has 3 rooms and including furniture, weekly cleaning, high-speed internet, maintenance, and community events for the tenants. The apartments had 2 rooms and we created another room to boost the ROI on the project as a whole. The building comes with a rooftop for the tenants and a basement floor in which we transformed into a coworking space.

What made you interested in investing in this type of deal?

Being able to apply coliving - renting out rooms and boosting the ROI of property managing real estate projects.

How did you find this deal and how did you negotiate it?

Online ad on Spain's listing site called idealista.

How did you finance this deal?

Partly own investment and partly private investors.

How did you add value to the deal?

Coliving - renting out rooms and boosting the ROI of property managing real estate projects.

What was the outcome?

Monthly costs around 14k and income around 19-21k.

Lessons learned? Challenges?

- Managing big amounts of furniture ordering
- Maintenance request
- Managing a community of tenants living at one spot
- Maintaining a high occupancy

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Our agent that provided the project.