Investment firm Azora and real estate investor Advenir have formed a partnership to invest over $3bn (€2.7bn) in the next five years in rental homes in the US.
The Azora Advenir venture – focused on creating affordable rental housing in key US markets – will be a vertically integrated platform encompassing acquisition, development, asset management, property management and fund services, the companies said.
Azora Advenir is expected to develop at least 10,000 new single-family rental homes and acquire 5,000 existing units.
Azora entered the US real estate market via a partnership with Miami-headquartered real estate manager Exan Capital to form Azora Exan. At the time, the companies said the Azora Exan venture plans to target the office, residential, hospitality and senior living sectors.
Following the latest partnership with Advenir, Fernando Pérez-Hickman, managing partner and head of Azora America, said: “Investing in and with Advenir is a further expression of Azora’s long-term conviction to help create quality multi-family and single-family rental homes in the US.
”More than just good business, this endeavor will help countless families. Advenir’s operational excellence, local expertise, and similar principles make them an ideal partner as we continue to seek value in investment opportunities across the US.”
Stephen Vecchitto, CEO and founder of Advenir, said: “Bringing together the global, financial power, residential knowledge and credibility to attract institutional capital of a company like Azora with Advenir’s deep expertise and experience in real estate development and management, will help us achieve our goal of growing our current portfolio and pipeline of 4,700 purpose-built single-family residences to 10,000 units, while expanding our ability to acquire existing properties.
”We believe the time is now to double-down on residential living, and our combined company is poised to take advantage of this market dislocation.”
To read the latest IPE Real Assets magazine click here.
