Azora achieves second close of US Multifamily fund and launches Spanish investment vehicle to channel overseas capital into strategy
- Azora announces the second closing of its flagship US Multifamily Fund, ONE Azora Exan Multifamily Fund I, focused on market-rent apartments in the Sunbelt
- Closing follows fourth acquisition by the Fund, which has invested over $170 million to date and has more than 1,000 multifamily units under management.
- Azora also launches its first Spanish closed-ended collective company (SICC), a regulated fund focused on channeling Spanish investments into the US Fund, to capitalise on overseas demand for the strategy.
Miami, May 9th, 2023 – Azora announces the fourth acquisition made by its flagship US Multifamily Fund, ONE Azora Exan Multifamily Fund I, through the purchase of Elite Crossing in April 2023. The 210-home garden-style asset offers its residents a wide variety of common areas that include a swimming pool, gym, basketball court, and clubhouse. The property is located in an attractive submarket of Decatur, a suburb of Atlanta, GA, near the Snapfinger logistics hub and the Mall at Stonecrest. This is the second property that Azora manages in Atlanta, a top 10 US metropolitan area with a population of approximately 6.1 million and an annual growth of over 77,000 inhabitants per year for the last 10 years.
This transaction marks Azora’s fourth acquisition on behalf of its value-add US Multifamily Fund, which has invested over $170 million to date and manages more than 1,000 market-rent multifamily units in strategic markets in the South and Southeast of the US. Azora, which manages over 18,000 multifamily units and more than $2.7 billion of investment in residential assets in Europe, is quickly proving its ability to execute its multifamily strategy outside of Europe, consolidating itself as a trusted manager in the US market.
The second closing of the US Multifamily Fund and the launching of a new Spanish Investment Vehicle
Azora also announces the second closing of its US Multifamily Fund alongside launching Azora Multifamily S.I.C.C., S.A., its first-ever closed-ended collective company (“SICC” or Sociedad de Inversión Colectiva Cerrada in Spanish) in Spain. This new investment vehicle will be regulated by the Spanish National Securities Market Commission (“CNMV”) and is aimed at channeling Spanish capital into the US Multifamily Fund.
ONE Azora Exan Multifamily Fund I, which was created in April 2022, has a total investment objective of $650 million with an investment horizon of 3 years. The success of this investment strategy in the US to date has led to the creation of a new, Spanish-regulated vehicle that broadens Spanish investors’ ability 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 after creating the first-ever closed-ended type collective company to channel Spanish investment into the US.”
Javier Rodríguez Heredia, Senior Partner and Head of Real Estate, added: “The creation of this new investment vehicle underlines our investors’ trust and recognition of Azora as a market leader alongside our ability to leverage our strong track record and vast expertise across the residential sector in Europe to execute on our value-add multifamily strategy in the US ".
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