Azora and Advenir to Tap US Rental Housing Market
With the US rental market expected to grow in the coming years as home-buying remains out of reach for many Americans, Azora, a Spain-based global investment firm, and Advenir, a US-based real estate investment and management corporation, have announced a new strategic partnership of over $3 billion to create attainable rental housing in key markets across the US.
The housing shortage in America is more than 5 million, exacerbating the gap between a rising cost of ownership vs. more attainable costs of renting.
This partnership comes at a time where a housing shortage combined with a challenging capital markets environment has created an opportunity for compelling investment in both development and acquisitions in the housing space.
The deal creates a new, combined corporation, Advenir Azora, that will be a vertically integrated platform spanning acquisition, development, asset management, property management, and fund services capabilities, ensuring a full-spectrum approach to investor value creation and resident well-being.
Azora Advenir is expected to deploy more than $3 billion over the next five years in hopes of developing at least 10,000 new single-family rental homes and acquiring 5,000 existing units.
Creating Quality Rental Homes
Fernando Pérez-Hickman, Managing Partner and Head of Azora America said that 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 endeavour 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,” he said.
Advenir’s CEO and Founder Stephen Vecchitto remarked that 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 his company achieve its goal of growing our current portfolio and pipeline of 4,700 purpose-built single-family residences to 10,000 units and help in expanding their ability to acquire existing properties.
He added: “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.”
About Azora and Advenir
Founded in 2003, Azora is a leading international alternative investment management platform, headquartered in Madrid, Spain, with a dedicated US team based in Miami, FL. Managing over $11 billion in assets across residential, hospitality, logistics, office, and renewable energy sectors in Europe and the U.S., Azora has a proven track record of delivering value through innovative investment strategies and active asset management.
Since its founding in 1996, Advenir, through its in-house brand, Advenir Living, has operated over 30,000 units across the US, valued at more than $5 billion. Advenir’s active portfolio includes more than 12,200 multi-family units.
The firm is also a pioneer in the single-family build-to-rent (BTR) sector, with a portfolio of over 4,700 BTR units owned or under development, and a significant pipeline of future projects. The company is headquartered in Aventura, Florida.