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- Advenir Azora Acquires Class-A Multifamily Property in Raleigh Suburb
Advenir Azora Acquires Class-A Multifamily Property in Raleigh Suburb
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
Notable Quote:
“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.”
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.