Real Estate
Project Gaudi: Real Estate Value-Add (Barcelona)
Independent real estate case study on a 76-unit residential asset in Barcelona, covering acquisition underwriting, debt structuring, and IRR/sensitivity modelling for a value-add strategy.
- Company / Asset
- Confidential residential asset, Barcelona
- Sector
- Real Estate
- Type of analysis
- Acquisition / Value-Add Strategy
- Published
- 2026
Executive overview
Independent real estate acquisition case study on a 76-unit residential asset in Barcelona's Eixample district, structured as a light value-add strategy targeting NOI optimisation ahead of a Year-5 exit to a core fund. The analysis includes full property-level pro forma modelling, debt sizing and coverage metrics (DSCR, debt yield), and a leveraged IRR build incorporating sale proceeds and reserve mechanics. A two-way sensitivity matrix (exit cap rate vs. rent growth) tests return resilience, supporting a base-case levered IRR and equity multiple.
Key metrics
- Asset76 residential units
- StrategyValue-add
- ReturnsIRR / equity multiple
- DebtStructured & sensitized
Full analysis
View the complete report below or download the PDF.
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Independent work developed for illustrative and educational purposes using publicly available information.