Dazia Capital and BGO Launch 162-Home Multifamily Development in Madrid's Carabanchel District
Dazia Capital and BGO have moved forward with a second investment under their joint Spanish residential platform, announcing the development of Vía Lusitana 21, a 162-unit multifamily project in Madrid's Carabanchel district. The joint venture, which targets up to €500 million in Spanish residential investment, has already acquired the site, with sales expected to launch in the near term.
The project at Vía Lusitana 21 will be developed and managed by Dazia Capital, which is acting as co-investor and development manager. Homes will be marketed under Dazia's residential brand, Darya Homes. BGO is participating as the institutional capital partner.
Project Details: Scale, Design and Amenities
Vía Lusitana 21 will comprise 162 one-, two- and three-bedroom apartments spread across nine stories, with a total gross built area of 14,460 square meters — approximately 155,642 square feet. Every home will include a private terrace, a dedicated parking space and a storage area.
The development will feature more than 200 square meters of landscaped gardens, an outdoor pool, a padel court, a gym, a wellness area and a 170-square-meter communal rooftop terrace with views of central Madrid. The project is situated across from the Parque de la Emperatriz María de Austria and is approximately 12 minutes by car from Retiro Park.
Barcelona-based GCA Architects is leading the architectural and design work. The firm's portfolio includes the Ausias March project, which received recognition at the NAN Architecture Awards 2024, the Royal Mansour Tamuda Bay in Morocco and the Edificio Faro in Madrid. The design approach at Vía Lusitana 21 emphasizes landscaping continuity from shared outdoor spaces to the building facade, with the aim of integrating the complex into its surroundings.
Dazia Capital is also exploring potential collaborations with universities and creative-sector organizations, including the possibility of a competition to incorporate landscaping, design or art interventions into the project.
A Second Deal for the BGO–Dazia Joint Venture
BGO and Dazia Capital established their Spanish residential joint venture with a targeted investment capacity of €500 million. The partnership's first publicly identified investment was a Madrid project in Los Berrocales with approximately 160 homes. Vía Lusitana 21 represents the second announced deal under the platform.
The joint venture's strategy focuses on residential development in city centers and metropolitan areas of major Spanish cities, as well as selected second-home locations. Dazia Capital brings local sourcing, development execution and operating expertise to the partnership, while BGO supplies institutional investment capacity. The structure gives the venture a vertically integrated profile under the Darya Homes brand.
BNP Paribas Real Estate advised the seller in the transaction, conducting the strategic analysis of the asset and guiding the client through the bidding process from marketing to closing.
Daniel Mazin, chief executive of Dazia Capital, said the project is designed to reflect the neighborhood's current trajectory. "Carabanchel is at a particularly exciting stage of its evolution, characterized by an increasingly visible cultural and creative identity and a clear community spirit," Mazin said. "With Darya Homes, we want Vía Lusitana 21 to accompany this evolution, offering a residential project that reflects this new chapter. Our ambition is to raise the standard for housing in the neighborhood and contribute to its revitalization through architecture, landscaping and design."
Javier López Galdos, managing director of BGO, pointed to the partnership's confidence in the Madrid market. "The addition of this second project reflects the trust we have in our partnership with Dazia Capital and the opportunities that still exist today in the Madrid residential market," López Galdos said. "Vía Lusitana brings together the characteristics we look for in our investments: strong residential demand, an experienced local partner and the possibility of making a positive contribution to the development of an urban district with considerable potential."
Carabanchel's Urban Transformation
Carabanchel has seen a shift in its cultural and creative profile in recent years, driven by growth in artist studios, galleries, workshops and design venues, as well as initiatives such as Distrito 11 and public-space rehabilitation efforts. Dazia Capital and BGO are positioning Vía Lusitana 21 as a project that aligns with that evolution while preserving the district's established community character.
The neighborhood's trajectory is relevant commercially because residential developers in Madrid increasingly compete on design quality, amenities and neighborhood identity. The project's pool, padel court, wellness facilities, landscaped areas and rooftop terrace are intended to differentiate it within Madrid's new-build market.
Madrid Residential Market Context
The Vía Lusitana 21 announcement arrives as Madrid's residential market continues to be characterized by strong demand and constrained supply. Spanish rents grew by nearly 8% year over year in the first quarter of 2026, with multifamily accounting for 82% of Spanish living-sector investment and exceeding €1.8 billion. Madrid represented approximately 78% of living-sector investment during that period, and prime Madrid multifamily yields stood at 3.8%.
Spanish residential sale prices and rents have increased 53% and 38%, respectively, since the beginning of 2021, while demand has continued to expand faster than available housing supply. Supply constraints stem from a combination of land restrictions, regulation, construction timelines and physical limitations, factors that have kept upward pressure on market rents even as rent-update rules limit increases for existing leases.
For institutional investors, those conditions create a rationale for pursuing new-build multifamily in established urban areas: new supply can address a persistent housing shortage, and development offers the potential to create institutional-quality assets at a basis that may be more attractive than acquiring completed prime stock in a competitive market.
About the Firms
Dazia Capital is a Spanish real estate firm focused on residential development with more than a decade of experience across multiple business lines. The company operates in Madrid, Málaga, Barcelona and the Costa del Sol, developing projects for sale under the Darya Homes brand and managing a portfolio of short- and medium-term rental properties through its Darya Living operator. Its institutional partners include Eurazeo Patrimoine, Chenavari, Aermont Capital and BGO.
BGO is a global real estate investment management adviser and real estate services provider serving more than 750 institutional clients. Together with Bell Partners Inc. — acquired by Sun Life and merged with BGO on July 2, 2026 — the firm manages approximately $100 billion in assets as of June 30, 2026. BGO operates offices in more than 25 cities across 12 countries and is part of SLC Management, Sun Life's institutional asset management business.
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