Advenir Azora, the U.S. rental housing platform formed through the merger of U.S.-based Advenir and Spain-based investment manager Azora, has announced the successful launch of its first developments under a €2.73bn ($3bn) platform. The platform, which focuses on delivering high-quality residential rental opportunities across the U.S., has already deployed €312.4m($345m) since its inception in late 2024.
The initial phase includes four Build-to-Rent (BTR) communities and one multifamily acquisition, totaling approximately 1,300 units in high-growth, supply-constrained markets such as Savannah, GA, Raleigh, NC, Carmel, IN, and Bristol, WI. These first investments are a crucial step in the platform’s goal to deploy over $3bn across the U.S. housing sector over the next five years.
“These first investments demonstrate the strength of our partnership with Advenir and our ability to execute quickly and at scale,” said Fernando Pérez-Hickman, Managing Partner and Head of Azora America. “We are delivering on our commitment to create high-quality, attainable housing in key U.S. markets while offering our investors long-term value through resilient, income-generating assets.”
The BTR developments include projects such as LEO @ Wendell in the Raleigh MSA and LEO @ Port Wentworth in the Savannah MSA, capitalized in partnership with PCCP, a real estate investment management firm. These developments aim to meet the growing demand for professionally managed rental homes in markets with strong housing demand.
“From day one, our objective with Advenir Azora has been to meet the growing demand for professionally managed rental homes,” said Stephen Vecchitto, Founder of Advenir and Managing Partner of Advenir Azora. “These projects position us to capture significant upside in markets where housing demand continues to exceed supply.”
The developments will feature a range of unit types, from one to three-bedroom units, including duplexes, cottages, and townhomes, designed to meet the preferences of today’s renters. Advenir Azora is on track to deliver over 10,000 BTR units and acquire 5,000 multifamily units across the U.S.
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