Advenir Azora makes controversial move by acquiring Varina Oaks in Raleigh
- Advenir Azora completed the acquisition of a newly built 264-unit multifamily property in Raleigh.
- The property reached 90% occupancy within 12 months, reflecting strong demand in the area.
- This acquisition signifies Advenir Azora's commitment to investing in high-growth suburban markets.
In North Carolina, Advenir Azora successfully completed the acquisition of a newly built, 264-unit multifamily property known as Advenir Azora at Varina Oaks. The transaction closed on November 5, 2024, and represents a strategic growth initiative for Advenir Azora in a rapidly expanding market. The property is located in a suburban area of Raleigh, which has been highlighted as one of the nation's fastest-growing regions, known for its strong job growth and demand for quality rental housing. The acquisition comes following a notable performance of the property, which achieved 90% occupancy in less than a year, benefiting from an aggressive lease-up strategy that saw an average of 20 new leases signed each month. This level of occupancy and leasing activity emphasizes the high demand within the Raleigh metropolitan area, making it an attractive target for residential investment. Advenir Azora acquired the property at a competitive price of $238,335 per unit, reflecting a strategic approach to building their portfolio effectively. According to Matt Zaverucha, Vice President of Acquisitions at Advenir, the Raleigh metropolitan statistical area (MSA) ranks fourth in the United States for population growth and demonstrates a thriving economic environment. This provides a solid foundation for the company's investment strategy, which focuses on high-growth suburban markets. The Research Triangle Park, located only 30 minutes away, is home to over 55,000 employees, indicating a strong local job market and an influx of potential renters seeking quality housing options. The decision to acquire this property not only enhances Advenir Azora’s portfolio but also aligns with their broader business plan aimed at capitalizing on the ongoing growth and demand for rental properties in the high-quality living spaces that they offer. With the ongoing economic trends in Raleigh and the successful lease-up of Advenir Azora at Varina Oaks, the company is positioned well for future success and expansion within this key market.