AVENTURA, Fla.--(BUSINESS WIRE)--Advenir Azora is proud to announce the acquisition of Advenir Azora at Varina Oaks, a newly built, 264-unit, Class-A multifamily property located in a high-growth Raleigh suburb.. The acquisition closed on November 5th, 2024, marking a strategic addition to Advenir’s portfolio of premium residential communities.
Strategic Investment in a Thriving Market
Advenir Azora at Varina Oaks is strategically situated just 30 minutes from Research Triangle Park, the largest research park in the U.S., home to more than 55,000 employees. This vibrant suburban community offers exceptional living opportunities, with rents starting at $1,300—providing a significant discount to homeownership in the area, where median home prices average $450,000.
"We are thrilled to bring Advenir Azora at Varina Oaks into our portfolio," said Matt Zaverucha Vice President of Acquisitions "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."
Why Raleigh?
The Raleigh metropolitan statistical area (MSA) is ranked #4 in the United States for population growth, exhibiting strong job growth and demand for quality rental housing. Advenir Azora at Varina Oaks achieved an accelerated lease-up, reaching 90% occupancy in under 12 months, with an average of 20 new leases per month.
Advenir Azora's Business Plan
Advenir Azora acquired the property at a cost-effective basis of $238,335 per unit, a significant discount compared to recent transactions in the area. The business plan is designed to capitalize on the property’s strong lease-up momentum, supported by Raleigh’s thriving economy and high quality of life.
About Advenir Azora
Advenir Azora is a premier real estate investment and property management firm specializing in Class-A and value-add multifamily communities across the United States. With a focus on providing quality housing and exceptional living experiences, Advenir’s portfolio spans high-growth markets nationwide.
