Azora Capital’s newly created US real estate investment arm has partnered with One Real Estate Investments (OREI) to create a fund to invest over $650m (€559m) in value-add multifamily assets in the Sunbelt states.
Azora Exan and OREI have created the ONE Azora Exan Multifamily Fund I with a plan to raise up to $250m in the next 15 months to target underinvested and undermanaged multifamily assets. Including leverage, the fund will have a total investment capacity of over $650m.
The companies said the fund, which held its first closing at the end of April, has already invested $48m to buy The Fredd, a 278-unit multifamily community in San Antonio, Texas.
Fernando Perez-Hickman, a managing partner of Azora Exan and head of Azora America, said: “This fund is an important milestone in Azora’s strategic expansion in the US and we are very excited to launch it with OREI who brings a proven multifamily track record in the US Sunbelt.
“Market-rent residential is the backbone on which we built Azora in Europe, so it was only natural for us to kickstart our US venture with a focus on this sector, to which we can apply our 20+ years of expertise.”
Jeronimo Hirschfeld, president and CEO of One Real Estate Investment, said: “Having a strategic capital partner allows OREI to rapidly build upon our track record of over 10,000 multifamily units acquired in Texas and the Southeastern United States.”
To read the latest edition of the latest IPE Real Assets magazine click here.
Related Companies
- Previous
- Next
