Advenir Azora Acquires Class-A Multifamily Property in Raleigh Suburb
Slice of Real Estate Team
Dec 09, 2024
Key Highlights:
- Acquisition closed on November 5th, 2024, marking a strategic addition to Advenir Azora’s portfolio.
- Raleigh MSA ranked #4 in U.S. population growth, with strong job growth and demand for rental housing.
- Advenir Azora at Varina Oaks achieved 90% occupancy within 12 months, leasing 20 units per month on average.
- Acquisition cost of $238,335 per unit, below recent area transactions, offering a strong value proposition.
Source: Business Wire
Quotes
“ “The Raleigh MSA is one of the nation’s fastest-growing regions, and this property aligns with our investment strategy to target high-growth suburban markets.” ”
Matt Zaverucha, Vice President at Acquisitions
Our Take:
Advenir Azora’s acquisition of Varina Oaks underscores a keen strategy to invest in high-growth suburban markets, particularly those with vibrant economies like Raleigh’s. The decision to enter a market with strong job growth, housing demand, and accessible rental options highlights Advenir’s ability to recognize and capitalize on promising opportunities. This investment aligns with broader market trends, demonstrating a proactive approach to portfolio expansion.
