A Colorado property investor famous for spotting market shifts is buying condo projects on Spain’s Costa del Sol.
A newly-formed Spanish division of Real Capital Solutions, the U.S.-based company founded by Marcel Arsenault, recently announced plans to spend $200 million on “bank-owned, distressed residential assets and land” along the Costa del Sol.
RCS Spain has already spent €14.95 million to acquire two projects near Marbella — the 53-unit Cosmo Beach and the 38-unit Valley Heights project.
RCS says it is specifically looking for projects that “require the same level of intensive care that RCS employs domestically to add value to struggling or nonperforming assets.”
“We have a proven model,” RCS managing partner Peter Wells said in a statement. “We have an appetite. We’re successful and we’re now on the ground in Spain with extensive talent from architects, engineers, sales and marketing teams and solid, service-minded homeowners associations in place.”
Arsenault is famous in Colorado for selling 80 percent of his residential portfolio in 2006, before the market crash.
“I’m a pretty good macro guy,” Arsenault told the Denver Post. “I’ve gotten it right a couple of times.”
Arsenault is currently working on residential projects in Colorado, California and Florida; the Costa del Sol buying spree is his only international investment.
Mr. Wells compared the residential market along the southern coast to Miami, a market driven by international investors.
“With investors from the UK, Scandinavia, central Europe, Kuwait and the Baltics, buyers are seeing potential in Spain much as South Americans did with Miami,” Mr. Wells said. “Spain is seeing rapid recovery from a down cycle and there’s over-growth right now.”
RCS says Cosmo Beach has sold half of its 53 units; Valley Heights is slated for opening this month with 38 units.
Promotional video for Valley Heights:
Promotional video for Cosmo Beach:
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