Azora has completed the purchase of two properties on behalf of its US ONE Azora Exan Multifamily Fund I, which launched in June this year.
The fund has acquired The Edge at Lees Chapel, a 299-home multifamily community in Greensboro, North Carolina, and Midwood at Riverside, a 232-unit multifamily community in Atlanta, Georgia.
The acquisition of these latest two residential communities brings total investments on behalf of the fund, which invests in affordable multifamily for rent residential properties in the Sunbelt states, to circa $140m.
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 U.S. 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, added: “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 U.S. 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.”
