Real Estate
Strategic real estate for global gateway cities.
We back high-conviction residential assets in Madrid and Miami — two markets where structural demand for housing far outpaces what's being built.
We invest where people need to live.
Rather than chase the luxury cycle, we concentrate on workforce and middle-market housing in urban cores with deep, structural demand imbalances. We take ground-level positions — developing, repositioning, and actively managing — so the outcome depends on execution we control, not on the market doing us a favor.
Madrid
Spain needs roughly 550,000 new homes over two years but builds only about 90,000 a year — a cumulative deficit of more than 800,000 homes. We target urban infill and emerging districts where that gap is sharpest.
800,000+
home cumulative deficit
Miami
Across the Miami–Tampa corridor, workforce and affordable housing stays in high demand with persistently low vacancy — a sharp contrast to the oversupplied luxury segment. We build and reposition for the residents the market overlooks.
Low vacancy
sustained workforce-housing demand
By the numbers
The opportunity, visualized.
Madrid — a structural housing deficit
Spain builds far fewer homes than it needs
Homes per year
Only a third of annual demand is met
Share of homes Spain needs each year
Spain needs roughly 550,000 new homes over two years (~275,000 a year) but builds only about 90,000 a year — a cumulative deficit of more than 800,000 homes.
Miami — workforce demand vs. luxury softness
Workforce housing stays tight; luxury doesn't
Apartment vacancy by tier, Miami metro
A widening affordable-housing shortfall
Units short for households under 80% of area median income
The nation's most rent-burdened metro
Share of renters paying 30%+ of income on housing
Class A (luxury) vacancy is forecast above 9% while workforce and lower-tier housing stays below roughly 4–6% (stabilized occupancy ~96%). Miami-Dade is short about 90,000 affordable units today, projected to reach ~116,000 by 2030 — and about 63% of Miami renters are cost-burdened, the highest share of any major US metro. Sources: GREA and RealPage market data; Miami-Dade County affordable-housing analysis; Harvard Joint Center for Housing Studies.
Track record
A portfolio realized across cycles.
Twelve years of real estate investing across the United States, Mexico, and Spain — developing, stabilizing, and exiting each asset.
44
Properties
6,240
Units
8.9M
Sq ft developed
3
Countries
Where we have built
Click any marker to see the developments in that city.
44 realized real estate developments across the United States and Mexico, plus a current development underway in Madrid (shown in gold). Past performance is not indicative of future results.
Investment parameters
How we size and structure deals.
Asset classes
Multifamily, mixed-use (residential-heavy)
Markets
South Florida & Madrid
Equity check
$1M – $10M
Strategy
Ground-up, value-add, distressed-debt restructuring
Hold period
3 – 7 years for equity developments
What we look for in every investment.
Operational leverage
We invest where our hands-on involvement can directly influence project margins — not where we're a passive minority.
Clear exit paths
Every investment has multiple, realistic liquidity scenarios underwritten from day one.
Structural demand
We focus on workforce and middle-market housing, where demand is durable and supply is constrained.
Co-invest with us.
If you're an investor or a sponsor active in Madrid or South Florida, let's compare notes.