MIAMI AND AVENTURA, FLA. — Florida-based Advenir, which acquires, develops and manages multifamily and single-family rental communities, has entered into a partnership with Spanish global investment firm Azora to create “attainable” rental housing in various markets across the U.S.
The deal creates a new, combined corporation called Advenir Azora, which will focus on acquisition, development, asset management, property management and fund services capabilities. Advenir Azora is expected to deploy more than $3 billion over the next five years in hopes of developing at least 10,000 new single-family rental homes and acquiring 5,000 existing units.
Attainable housing is aimed at the missing middle, which consists of middle-class households that are overqualified for affordable housing but do not generate enough income to buy a home.
“The housing shortage in America is more than five million homes, exacerbating the gap between a rising cost of ownership versus more attainable costs of renting,” says Stephen Vecchitto, CEO and founder of Advenir. “[Partnering with Azora] will help us achieve our goal of growing our current portfolio and pipeline of 4,700 purpose-built, single-family residences to 10,000 units, while expanding our ability to acquire existing properties.”
Founded in 1996 and headquartered in Aventura, 15 miles north of Miami, Advenir’s portfolio consists of more than 12,200 apartments and 4,700 build-to-rent units owned or under development. All told, Advenir has invested nearly $5 billion in multifamily and single-family rental communities since its inception.
Azora is an international investment management platform based in the Spanish city of Madrid. The company’s U.S. headquarters is in Miami. Azora currently manages more than $11 billion in assets across residential, hospitality, logistics, office and renewable energy sectors in Europe and the United States.