Via Cesare Balbo 28 — Torino

1. Executive Summary

Reinvesto Holding Company S.R.L., a Torino-based real estate investment company wholly owned and managed by Zaharia Petru Alin, is acquiring three rented apartments at Via Cesare Balbo 28, in Turin's Vanchiglia district immediately behind the Mole Antonelliana. The units will be vacated through exit agreements already reached with the occupants, fully renovated, and resold individually. Total direct project cost is €659,000 (acquisition €460,000, ancillary costs €99,000, renovation €100,000), against a projected aggregate sale value of €840,000. The campaign seeks to raise €500,000 over a 12-month term at a fixed annual rate of 13.5%, plus a volume cashback of up to 2% per annum, with interest paid monthly and principal repaid in full at maturity. The developer pre-commits €159,000 of own equity. The loan is secured by a notarial pledge over 100% of the shares of Reinvesto Holding Company S.R.L., with the pledge executed in the same notarial session in which funds are transferred. The loan-to-value on the post-renovation projected value is 59.5%.

2. Location Analysis

The property is located at Via Cesare Balbo 28, in the Vanchiglia district of Turin (Torino), the capital of the Piedmont region in northwestern Italy. Turin is Italy's fourth-largest city, with approximately 850,000 residents in the municipality and over 1.7 million in the metropolitan area. Via Cesare Balbo sits a few hundred metres behind the Mole Antonelliana — the city's landmark — at the point where Vanchiglia meets the historic centre, within walking distance of Piazza Vittorio Veneto, the Po riverfront, and the main University of Turin campus (Campus Luigi Einaudi is under 1 km away).

Vanchiglia is one of Turin's most dynamic residential submarkets. Its position between the historic centre and the university poles has driven sustained demand from young professionals, academics, and investors, supported by an active regeneration pipeline of streets, retail, and food-and-beverage destinations. Market observers consistently list Vanchiglia — together with San Salvario and Aurora — among the city's appreciating districts, driven by urban regeneration and proximity to the university system.

Turin's residential market entered 2026 in expansion: the municipal average asking price reached approximately €2,167/m² in February 2026, up 5.55% year-on-year, with transaction volumes in Q3 2025 up 6.5% versus the prior year. The Centro zone, which Via Cesare Balbo borders, commands the city's highest values at approximately €4,100–4,200/m². Compared to Milan, where equivalent central product trades at two to three times the price per square metre, central Turin remains among the most accessible prime submarkets of any major Italian city.

3. Developer Profile

Legal entity: Reinvesto Holding Company S.R.L. Registered office: Via Gioacchino Rossini 21 bis, 10124 Torino (TO) REA number: TO – 1277630 Tax code / VAT / Company registration: 12270710010 Corporate form: Società a Responsabilità Limitata (S.r.l.) Date of incorporation: 27 February 2020 Registered capital: €90,000 fully paid in Business activity: Purchase, sale, management and letting of own real estate assets

Reinvesto Holding Company S.R.L. is wholly owned and managed by Sole Administrator Zaharia Petru Alin (born 23 May 1991 in Bacău, Romania; Italian citizen, resident in Moncalieri, TO), who holds all powers of ordinary and extraordinary administration.

Before entering real estate, Zaharia Petru Alin represented Italy as an elite lightweight rower: he won the gold medal at the 2013 World Rowing Championships in Chungju (lightweight men's eight) and back-to-back U23 World Championship golds in 2012 and 2013 in the lightweight four. After closing his sporting career, he built a residential development business in the Turin area that now spans more than 10 years of activity, with delivered buildings exceeding €20 million in aggregate value.

Through his affiliated vehicle AB.TO SRL, Zaharia Petru Alin was the developer behind the Via delle Rosine 15–17 campaign on stock.estate (€450,000, 14% per annum, 3-month term), which completed in March 2026 and was repaid to investors in full. The present campaign is Reinvesto Holding Company S.R.L.'s first offer on the platform; the company's financial statements are available in the Documents section of the campaign page.

4. Project Overview

Property type: Three residential apartments in a period building, one per floor (floors 1, 2 and 3) Address: Via Cesare Balbo 28, 10124 Torino (TO), Italy — Vanchiglia district Cadastral identification: Foglio 1277, Particella 208, Subalterni 3, 5 and 7 — Category A/3, 5 rooms (vani) each Total cadastral area: 273 m² (95 m² + 89 m² + 89 m²), each unit with cellar

Key features and status:

• Three identical-format 5-room apartments, one per floor, each approximately 89–95 m² with cellar
• Location a few hundred metres behind the Mole Antonelliana, at the border between Vanchiglia and the historic centre
• The apartments are currently rented; exit agreements with the occupants have already been reached for a total consideration of €30,000, and the property will be delivered free of tenants and of the existing usufruct at the acquisition deed
• Full interior renovation of all three units, budgeted at €100,000, to bring the product to renovated-stock standard for individual resale
• Acquisition deed expected in September 2026; renovation works scheduled for completion by December 2026
• Individual marketing and sale of the three units following completion of works
• Renovation falls within standard interior-refurbishment filings (CILA/SCIA regime); no change of use is required

5. Market Analysis

Turin's residential market is in a broad-based upswing. The municipal average asking price stood at approximately €2,167/m² in February 2026, up 5.55% year-on-year, with citywide transaction volumes up 6.5% in Q3 2025 versus the same period of 2024 (sources: immobiliare.it / casaland market data, 2026). Zone-level dispersion is wide: the Centro zone leads the city at approximately €4,163/m² (immobiliare.it, May 2026; wikicasa reported €3,979/m² for Centro/Quadrilatero/Giardini Reali in November 2025), while peripheral districts trade below €1,500/m².

Vanchiglia-specific data. The Vanchiglia district averages approximately €2,760/m², significantly above the citywide mean, with 60% of listings priced between €2,015/m² and €3,660/m² (mercato-immobiliare.info, 2026). Independent 2026 market commentary (casaland, Grimaldi/Oltrepocase) consistently ranks Vanchiglia among Turin's appreciating districts, citing urban regeneration and university-driven demand. Within a given district, condition and micro-location can move values by 30–40%: renovated product at the Centro border occupies the top of the local range.

Pricing rationale. The projected aggregate sale value of €840,000 implies a blended €3,077/m² across the three units. This figure:

• sits within the documented upper band of the Vanchiglia range (€2,015–3,660/m²), where renovated product at the Centro border naturally trades;
• represents a premium of roughly 11% over the Vanchiglia district mean (€2,760/m²) — a conservative uplift for fully renovated stock, given that district averages are dominated by unrenovated inventory and that condition alone moves values by 30–40% within a district;
• remains approximately 26% below the adjacent Centro zone average (€4,163/m²), a few hundred metres away, anchoring the project's pricing as conservative relative to the nearest superior benchmark;
• is based on a per-unit strategy: three liquid mid-size (89–95 m²) renovated apartments, the most traded format in the Vanchiglia buyer pool of professionals and families.

The acquisition price of €460,000 (€1,685/m²) is approximately 39% below the Vanchiglia district mean, reflecting the rented, unrenovated state of the units and the negotiated block purchase — the core of the project's margin.

6. Financial Analysis

Margins: gross margin on direct cost 27.5% (21.5% on revenue, €663/m²); net margin on total cost 13.7% (12.1% on revenue, €372/m²).

Repayment of the investor loan will be funded from the proceeds of the individual unit sales following completion of the renovation (see Section 7).

7. Funding and Investment Opportunity

Capital stack and funding plan. The campaign of €500,000, together with €159,000 of developer equity, fully funds the direct project cost of €659,000. No further external tranches are contemplated. Repayment channels, in order of preference: (1) proceeds from the individual sale of the three renovated units; (2) bank refinancing of the completed, vacant, renovated asset; (3) additional developer equity, backed by the founder's wider portfolio.

stock.estate is an ECSPR-licenced crowdfunding service provider (ASF Romania, licence PJR28FSFPR/400002), operating under Regulation (EU) 2020/1503.

8. Risks and Mitigations

Market risk. Risk: A deterioration in Turin's residential market could reduce achievable sale prices for the three units. Mitigation: The exit pricing of €3,077/m² sits within the documented Vanchiglia range and 26% below the adjacent Centro average; the gross margin of €181,000 provides a 21.5% revenue buffer before the loan principal would be impaired, and the market entered 2026 with rising prices and volumes.

Acquisition and vacancy risk. Risk: The purchase completes on rented units encumbered by a usufruct; failure to deliver the property free could compromise the renovation timeline. Mitigation: Exit agreements with the occupants have already been reached for €30,000, and the acquisition deed is structured so that the property is delivered free of tenants and of the usufruct at closing; the pledge over the company's shares is executed in the same notarial session as the funds transfer.

Construction risk. Risk: Delays or cost overruns in the €100,000 renovation could postpone the sales phase. Mitigation: The works are interior refurbishments within an existing residential envelope, permitted under standard filings, with a four-month schedule (September–December 2026) inside a 12-month loan term; the developer has delivered comparable renovations for more than 10 years, with buildings exceeding €20 million in aggregate value.

Repayment risk. Risk: Slower-than-expected individual sales could delay repayment at the 12-month maturity. Mitigation: The three units are mid-size renovated apartments — the most liquid format in the district — and the repayment plan retains two further channels (bank refinancing of the completed asset; additional developer equity). The affiliated developer's previous campaign on the platform (Via delle Rosine 15–17) was repaid in full.

Counterparty risk. Risk: Reinvesto Holding Company S.R.L. has limited standalone scale relative to the loan. Mitigation: The company has operated since 2020 in the acquisition, management and resale of residential assets; its sole owner has a 10+ year, €20M+ delivery track record, and investors hold a pledge over 100% of the company's shares — which, post-acquisition, will own the project asset.

Security enforcement risk. Risk: In a distress scenario, a share pledge can be slower to enforce than a real-estate mortgage under Italian law. Mitigation: The pledged company's dominant asset is the project property itself (projected post-renovation value €840,000 against a €500,000 loan, LTV 59.5%), the pledge is perfected at the funds-transfer session, and the structure mirrors the one used — and successfully retired — in the developer's previous platform campaign.