Azora, a leading real asset investment manager in Southern Europe, and Advenir, a U.S.-based real estate investment and management firm, have announced a strategic partnership to manage and develop affordable rental housing in key U.S. markets. The alliance, backed by an initial investment of more than $3 billion and 14,000 homes, aims to target over $3 billion in additional investments, addressing the pressing housing shortage and capital scarcity that have created a compelling opportunity for both developing and acquiring residential properties.
The partnership will form a new company, Advenir Azora, which will operate as a vertically integrated platform, overseeing property acquisition, development, and management to generate value for investors while ensuring quality living conditions for residents.
Fernando Pérez-Hickman, Senior Partner in Charge of Azora America, emphasized the long-term commitment to the U.S. market, stating, “Our partnership with Advenir reflects our dedication to developing high-quality rental housing in the U.S. This initiative not only offers a strong investment opportunity but also helps increase access to housing for families. Advenir’s operational expertise, local knowledge, and shared values make them an ideal partner as we expand in the U.S.”
Advenir CEO and Founder Stephen Vecchitto highlighted the scale of the U.S. housing crisis, noting that the country faces a shortage of over 5 million homes, widening the gap between rising homeownership costs and affordable rents. “By combining Azora’s global financial strength and credibility with Advenir’s extensive experience in real estate development and management, we are well-positioned to grow our portfolio of over 4,700 single-family homes to 10,000 units, while expanding our capacity to acquire existing properties. This is the right time to deepen our commitment to residential housing, and our joint venture is set to meet the current market demand,” Vecchitto said.
Over the next five years, Advenir Azora plans to invest over $3 billion to develop at least 10,000 new single-family rental homes and acquire 5,000 already built units, increasing their total portfolio to 30,000 residential units.
Azora’s growing investment presence
With this partnership, Azora surpasses 50,000 rental properties (15,000 of which are in the U.S.) and manages over €12 billion across its various business areas, with 40% of its assets in the U.S. The firm boasts a global team of more than 600 professionals and has an additional €2 billion available for short-term investments.
Azora entered the U.S. market in 2021 with the creation of Azora Exan and now manages assets worth more than $2 billion in the country. The company’s focus on U.S. residential rentals began in 2022, with $170 million already invested and over 1,000 rental homes under management. The launch of Advenir Azora marks a significant step in Azora’s U.S. expansion and its commitment to geographic diversification, particularly in the residential real estate sector.
