Azora Exan, the Miami-based US investment arm of Azora Capital, and One Real Estate Investments, the Miami-based real estate and asset management company have joined forces to co-sponsor the ONE Azora Exan Multifamily Fund I.
The Fund is aiming to raise up to $250 million in total capital commitments in the next 15 months, to invest in value-add market rent Class B and C garden-style multifamily properties in the Sunbelt of the United States.
Including leverage, the Fund will have an implied total investment capacity of over $650 million and will target underinvested and undermanaged multifamily assets with significant potential for repositioning through smart, tactical capex programs and through active asset management initiatives.
Soon after the first closing, the Fund announces that it has already acquired its first asset, The Fredd, for a total of $48 million, with an additional $4 million expected to be invested in capex. The Fredd is a 278-unit multifamily community in San Antonio, Texas.
The Fund plans to improve the overall profile and profitability of the asset through smart renovations of the interiors and exteriors, and through improved management practices. To this purpose, the Fund has already entrusted the management of the Fredd to Allied Orion, a Texas-based property manager with over 24,000 units under management with more than 30 years of experience.
Azora has a track record of over 20 years of investing in the residential-for-rent sector and has managed over $2.7 billion of residential assets on behalf of its global client base, across seven different platforms and has firmly established itself as leading European investment Manager in the sector.
One Real Estate Investments has over 20 years of experience as well and has invested more than $825 million in multifamily-for-rent in the US Sunbelt, with vast expertise in executing and managing strategic asset repositioning, amenity upgrade and operational optimization programs to maximize value for its tenants, investors and communities in which it invests.