MARBELLA, Spain, Dec. 8, 2014 /PRNewswire/ -- Real Capital Solutions Spain (RCS) has closed on two more development projects on the Costa del Sol, making RCS one of the area's most prolific real estate developers and investors in 2014.
RCS, an affiliate of Real Capital Solutions Inc, launched in 2013 with the acquisition of Cosmo Beach and Valley Heights. RCS just closed on two additional properties, Mediterra and a parcel in Cabopino, for a total of 54 additional units. The purchase of these two properties brings the total capital deployed by RCS to €22 million in just 15 months on the Costa del Sol.
RCS's Mediterra acquisition is comprised of the remaining 15 units within the premier resort community, located in Benalmadena Costa, east of Marbella. All units are fully-finished two-bedroom condominiums on the Torrequebrada Golf Course, five minutes from the beach. Prices will range from €179K - €300K; units will soon be for sale.
RCS acquired Cabopino in association with Altavista, one of Marbella's top commercialization and consultancy companies. The project is located at the top of Cabopino Golf Club with 180 degree views of the Mediterranean, the mountains and the Marbella skyline. The development will be RCS Spain's first ground-up construction project and will feature a modern-contemporary design and open floor plans with interior and exterior elements blending into one another, a style appealing to today's Costa del Sol buyers. Groundbreaking is scheduled for fall 2015 and completion is slated for spring 2017.
Traditional developers continue to feel the brunt of the Spanish real estate downturn, which has opened the door for cash-flush foreign investors like RCS Spain who can capitalize on surging demand from Northern Europe. Foreign investment in Spanish real estate has grown from €3.5 billion in 2009 to €6.5 billion last year and is expected to top €7 billion in 2014.
"We have already seen an influx of international buyers," said Peter Wells, managing partner of RCS Spain. "Markets represented include Scandinavia, Germany, Britain, the Middle East, Russia, and the Baltics."
RCS Spain's business model provides full service marketing, financing, HOA funding, renovations, sales and marketing material, branding, and co-oping with brokers to provide complete service to developers, brokers, and buyers.
"Our approach is appealing to foreign buyers and local brokers and developers," Wells said.