American equity fund, Real Capital Solutions, was proud to be recognised for excellence in real estate development and property sales in Spain at the International Property Awards in London on October 27th, 2016. The International Property Awards celebrate the highest levels of achievement with a judging panel comprising professional industry experts.
Managing partner, Peter Wells, was honoured by Lord Best at the gala dinner in London with two awards for the regeneration works of distressed construction, Valley Heights, in Southern Spain and for consistent sales success with commercial brand, Smart Property Professional.
All 40 apartments at Valley Heights were sold within just 11 months in 2014 with an average price of 400,000€. This was an unprecedented achievement for the Spanish property market prior to the market stabilisation and price-rises of 2016.
Wells says, “We were seeking an opportunity in this area, although many other real estate professionals quickly dismissed it due to extreme disrepair and vandalism. We had a vision of what could be achieved with an American-standard approach. Our experience meant that we were able to deploy the required works quickly, efficiently and very successfully. We are proud of the fact that a neglected eye-sore is now a beautiful and functioning community.”
Real Capital Solutions was formed in 1984 and is well-known across America for similar residential works, with US$1.5 billion of global assets currently under management. The wealth of projects includes single-family residences, resort communities and high-rise condominiums. The fund commenced business in Spain in 2011 with a total investment allocation of 200,000,000€.
When questioned about the current state of the Spanish property market, Wells says, “We are extremely confident about the coming years with clear signs of economic recovery. The sun will always shine in Spain, and there is a wealth of opportunity.” Leading appraisal company, Tinsa, reported another 4.3% rise in prices for the Mediterranean coast in November 2016.
International buyers currently account for nearly 40% of all property transactions in the province of Málaga with Wells confirming that, “20% of our buyers have traditionally been British but we also have over 15% of Belgian buyers and the same for Middle Eastern. The remaining 50% are a vast mix of nationalities. The multi-cultural and cosmopolitan community in Marbella is one of its most attractive qualities.”
With 3 sell-out regeneration projects, already under their belt plus 2 further apartment complexes and a villa community currently in promotion, Real Capital Solutions look to secure more accolades of excellence with the release another 3 new-build developments in 2017 – including a cutting-edge, ultra-luxury apartment complex in Benahavís.
More information on Real Capital Solutions please visit our website.