Building the future of granular residential
Since 2011, leading investment in flats, transforming them into sustainable homes with design.
Who are we?
ALMOND is an investment manager that channels institutional capital into the acquisition, rehabilitation and management of individual flats. We have adapted the well-established institutional model from the United States, with benchmarks such as Invitation Homes and AMH, applying it to the European urban environment. Our partners include Tikehau or Macquarie, amongst others.
What is granular residential?
The granular residential investment model was born to transform a market that has barely changed in decades. Until now, the purchase, refurbishment, and rental of flats has been in the hands of individual owners who carried out small renovations and managed rentals in a traditional way.Â
This model brings a professional approach to unit by unit investment, unlocking a market that was previously inaccessible to institutional capital, combining scale, control, and profitability across a disperse residential portfolio.Â
ALMOND Sale
We select underutilised flats with repositioning potential in the market, transforming them into homes designed by architects to fit current market demand for future sale.
With our technology, market knowledge, and operational expertise, we are able to make this process efficient, and at scale, to create value for the city, the buyers and our partners.
Active strategies:
- ALMOND Sale Madrid:Â Developed in partnership with family offices, focused on Madrid’s central neighbourhoods.
- ALMOND Sale Metropolitan:Â Developed with family offices, focused on fast-growing metropolitan areas.
+350 Transactions
>€30m in Annual Investment
ALMOND Rent
At ALMOND, we develop granular residential rental portfolios, applying technology, design, and sustainability criteria to manage individual flats as a single, efficient portfolio.
This strategy allows us to enhance the residential market by offering quality housing with fully refurbished flats, and long-term stability, both for our tenants and for the institutional capital that partners with us.
Active strategies:
- ALMOND Core Centre: Investment vehicle developed with Tikehau Capital and Macquarie Group, focused on prime residences in Madrid’s core.
- ALMOND Rent Metropolitan:Â Project currently being developed with family offices, focused on metropolitan zones with high demand.
>€60m in Annual Investment
Powered by technology
Combining advanced technology and real estate expertise is a cornerstone of our success. We have developed our own technology platform that enables us to identify opportunities, manage refurbishments, and monitor portfolios with unprecedented precision.
Identifying opportunities
Our technology analyses thousands of flats every day, identifying the best opportunities in the market in real time.
Transforming residences
We coordinate renovations across the city through our proprietary technology, connecting teams and controlling timelines, quality, and costs with live tracking.
Managing properties
We manage our properties as a single, large-scale asset, applying technology to enhance efficiency, transparency, and the experience of our partners.
Design that transforms assets into homes
Data-driven layouts
We analyse each microzone to determine optimal layouts based on demand and current lifestyles, creating more functional and harmonious homes that fit their surroundings.Â
Each home, a unique design
Depending on the typology and location, we select the qualities, materials, and interior design elements that make each home unique, combining style, comfort, and lasting value.
We're betting on sustainability: Cities need to be renovated
The building that consumes the least is the one that doesn’t need to be built again. Revitalising city centres is the most effective way to reduce environmental impact, doing so granularly is the only viable way to achieve it. We prioritise eco-friendly materials, advanced insulation, high-performance windows, and efficient heating, cooling, and water systems. We also partner with leading certification organisations to make the granular housing sector more sustainable.
Improvements in energy efficiency and a 48% reduction in CO₂ emissions following property renovations
Our tenants’ rent-to-income ratio remains below 35%, ensuring affordability and payment stability
We have partnered with AENOR to create the first sustainable refurbishment certificate.
Who are we?
Team
ALMOND was founded in 2011 by Miguel Morales, Alejandro Ramos, and José Lahidalga, born out of the combination of financial expertise and a deep understanding of Spain’s granular residential market.
We are a team of 30 professionals who combine experience with vision. We bring together top-tier talent in finance, strategy, and asset management, with backgrounds at firms such as BCG, PwC, Credit Suisse, EY, and CBRE, alongside specialists from leading technology scale-ups in Spain.
Co-CEOs
FINANCIAL experience
Miguel Morales
Miguel brings a solid financial background and extensive experience in investment banking, private equity, and mergers & acquisitions (M&A), having managed investments exceeding €500 million across Southern Europe. He began his career in M&A at Credit Suisse, where he spent several years working in Madrid and London, before specialising in Real Estate at Aermont. His strategic vision and ability to structure complex financial transactions have been key to ALMOND’s growth and its position as a leader in the institutional granular market.
real estate experience
Alejandro Ramos
Educated in finance at leading institutions such as IE and Harvard, Alejandro began his real estate career in California, gaining a global perspective on the market from the very start. With over eight years as CEO of Vivienda2, one of Spain’s largest residential brokerage firms, he combines a deep understanding of the institutional granular market with exceptional operational vision. A pioneer in the rise of proptech in Spain, he has led the implementation of advanced technological solutions that have transformed ALMOND’s operations, positioning the company as a benchmark for innovation within the sector.