Azora announces fourth acquisition by its flagship US multifamily fund, ONE Azora Exan Multifamily Fund I, through April 2023 purchase of Elite Crossing Swimming pool, gym, basketball court and clubhouse. The property is located in an attractive submarket of Decatur, a suburb of Atlanta, GA near snap fingers Logistics Center and the Mall at Stonecrest. This is the second property Azora manages in Atlanta, one of the top 10 metropolitan areas in the US with a population of approximately 6.1 million and growing by over 77,000 residents per year over the past 10 years.
This transaction marks Azora’s fourth acquisition for its value-add US Multifamily Fund, which has invested over $170 million to date and manages more than 1,000 commercial multifamily units in strategic markets throughout the southern and southeastern United States. Azora, which manages over 18,000 multifamily properties and more than $2.7 billion in residential real estate investments in Europe, is quickly demonstrating its ability to execute its multifamily strategy outside of Europe and is consolidating itself as a trusted manager in the US market.
The second closing of the US Multifamily Fund and the launch of a new Spanish investment vehicle
Azora announces the second closing of its US Multifamily Fund in addition to the launch Azora Multifamily SICC, SA, his very first closed general partnership (“SICC” or Sociedad de Inversión Colectiva Cerrada in Spanish) in Spain. Regulated by the Spanish National Securities Market Commission (“CNMV”), this new investment vehicle aims to channel Spanish capital into the US Multifamily Fund.
ONE Azora Exan Multifamily Fund I, launched in April 2022, has a total investment
Target of $650 million with an investment horizon of 3 years. The success of this investment strategy to date in the US has led to the creation of a new vehicle regulated in Spain, which increases the ability of Spanish investors to diversify their investment in the US market.
Fernando Pérez-Hickman, Senior Partner Head of Azora America, Comments: “With this new investment vehicle, Azora proves once again to be a pioneer in fund structuring, having formed the first-ever closed-end general partnership to direct Spanish investments in the US.”
Javier Rodríguez Heredia, Senior Partner and Head of Real Estate, added: “The creation of this new investment vehicle underscores our investors’ confidence and recognition of Azora as a market leader, as well as our ability to leverage our strong track record and deep expertise across the housing sector in Europe to execute our value-added multifamily strategy for US”.