Azora’s newly launched US multifamily fund has added two residential communities to its portfolio, lifting the fund’s total capital deployed to $140m (€136m).
The ONE Azora Exan Multifamily Fund I fund, which made its first investment in June this year, has bought The Edge at Lees Chapel, a 299-home multifamily community in Greensboro, North Carolina and the Midwood at Riverside asset, a 232-unit multifamily community in Atlanta, Georgia.
Azora said with these two properties and The Fredd in San Antonio, which was acquired in May, the fund now owns more than 800 rented residential units across Texas, North Carolina and Georgia.
The fund invests in affordable multifamily for rent residential properties in the Sunbelt states of the South and Southeast of the US.
In October last year, Azora announced its entry into the US real estate market alongside Exan Capital, an independent real estate manager based in Miami, through the creation of Azora Exan. So far this year, Azora has been active in the US office, industrial and retail sectors, where it has invested more than $130m.
The acquisitions bring Azora’s total investments in the US residential and commercial sectors to $270m this year and demonstrate the ”success of both its internationalisation strategy and the expansion of its US platform”, the manager said.
Fernando Pérez-Hickman, managing partner of Azora America, said: “We are fully convinced of the potential of our strategy in the affordable rented residential market in the US.
“It is a very stable and cyclically resilient segment, with very limited new product supply and continued demand growth, which allows us to offset the current inflation effect, especially in the markets we focus on, which enjoy full employment.”
Javier Rodríguez-Heredia, managing partner of Azora Real Estate, said: “These latest acquisitions demonstrate the strong progress we are making towards our goal of replicating the affordable rented residential strategy that we have pioneered in Spain, in the US.
“We believe this is a sound, balanced investment proposition that provides a very attractive risk return for our clients, which is especially important in these uncertain times.”
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