Azora, a global investment firm based in Spain, and Advenir, a U.S.-based real estate investment and management corporation, have announced a new strategic alliance aimed at creating affordable rental housing in key U.S. markets. This partnership, valued at over $3 billion, comes at a pivotal moment when the housing shortage, combined with a challenging capital markets environment, presents an attractive opportunity for investment in both the development and acquisition of properties in the housing sector.
“The agreement establishes a new combined corporation, Advenir Azora, which will be a vertically integrated platform encompassing capabilities in acquisition, development, asset management, property management, and fund services, ensuring a comprehensive approach to creating value for investors and enhancing the well-being of residents,” they explain.
According to Stephen Vecchitto, CEO and founder of Advenir, the housing shortage in the U.S. exceeds 5 million homes, exacerbating the gap between the rising cost of homeownership and the more accessible cost of renting. “Combining the global financial power, residential knowledge, and credibility to attract institutional capital from a company like Azora, with Advenir’s deep expertise and experience in real estate development and management, will help us reach our goal of expanding our current portfolio and our pipeline of 4,700 single-family rental homes to 10,000 units, while also increasing our capacity to acquire existing properties. We believe now is the time to double down on residential housing, and our combined company is well-positioned to capitalize on this market dislocation,” Vecchitto stated.
Azora Advenir is expected to deploy over $3 billion over the next five years, with the aim of developing at least 10,000 new single-family rental homes and acquiring 5,000 existing units. “Investing in and alongside Advenir is a new expression of Azora’s long-term commitment to helping create high-quality multifamily and single-family rental housing in the U.S. Beyond being a good business, this effort will assist countless families. Advenir’s operational excellence, local expertise, and shared values make them the ideal partner as we continue to seek value in investment opportunities across the U.S.,” noted Fernando Pérez-Hickman, Managing Partner and Director of Azora America.
For Marcelo Soba
For Alicia Miguel