Azora, a Spain-based global investment firm, and the Miami-based real estate investment and management corporation Advenir announced a new strategic partnership aimed at creating thousands of attainable rental housing units in key US markets.
The deal creates a new, combined corporation called Advenir Azora that will be a vertically integrated platform spanning acquisition, development, asset management, property management, and fund services capabilities, ensuring a full-spectrum approach to investor value creation and resident well-being. Azora Advenir is expected to deploy more than $3 billion over the next five years with the goal of developing at least 10,000 new single-family rental homes and acquiring 5,000 existing units.
“Investing in and with Advenir is a further expression of Azora’s long-term conviction to help create quality multi-family and single-family rental homes in the US,” said Fernando Pérez-Hickman, managing partner and head of Azora America. “More than just good business, this endeavor will help countless families. Advenir’s operational excellence, local expertise, and similar principles make them an ideal partner as we continue to seek value in investment opportunities across the United States.”
Just want we need, more corporate involvement in real estate. There is no denying that people need places to live, however, they plan to buy up more homes, just like in the housing recession. This will drive up price.
When all we see are corporate housing developments springing up as ONLY rentals! This truly does nothing for those who want to own a home; now if they would allow these to be a financed property, held by the owner with reasonable pymnts. Then we are getting somewhere. Look into the owners holding mortgages, with all necessary credit and background checks after they have rented for maybe a year or 2 and find if they are table.
Another Challenge for individual home buyers. :/