Azora expands its Sun Belt portfolio – Multifamily Real Estate News

The Edge at Lees Chapel

Based in Spain Azora Real Estate acquired two Sun Belt communities on behalf of its multi-family fund ONE Azora Exan I. The purchase of The Edge at Lees Chapel in Greensboro, North Carolina, and Midwood at Riverside in Austell, Georgia, has raised current investments of the company in the residential sector at $140 million.

The residential fund’s first acquisition in May was the purchase of The Fredd, a 278-unit community in San Antonio. The company’s current US multifamily portfolio includes 800 rental units.

According to Guilford County records, Azora paid $36.6 million for The Edge at Lees Chapel, with the help of a $25 million loan from Capital one. The 299-unit asset last changed hands in 2021, when the current seller, LYFE property groupacquired it for $11.5 million, according to Yardi Matrix data.

Midwood at Riverside is a 232-unit community in Austell, Georgia. The ownership was last traded in 2021, when Capital of Zevulon bought for $20.6 million, the same data provider says.

Azora entered the US market in October 2021, alongside Capital Exan and launched its multi-family fund in 2022. Javier Rodriguez-Heredia, managing partner at Azora, commented in prepared remarks that the firm aims to replicate the investment strategy used for its Spanish portfolio.

Azora’s Newest Sun Belt Properties

The Edge at Lees Chapel was completed in 1984 and features a mix of studio, one-, and two-bedroom apartments, averaging 729 square feet. The 13 two- and three-story buildings span 23.7 acres. Common facilities include a swimming pool, fitness center, clubhouse, playground and basketball court, business center, and 13 laundry facilities.

Midwood to Riverside

Located at 3822 Mizell Road, the property is 5 miles from downtown Greensboro. The community has access to several medical offices in the area and a few parks. North Carolina Agricultural and Technical State University is 4.6 miles away.

Completed in 1975, Midwood at Riverside spans 18.4 acres and includes 21 buildings. The community offers two- and three-bedroom apartments, averaging 1,153 square feet. Communal facilities include a swimming pool, tennis court, playground and laundry facilities.

Located at 7440 Riverside Parkway, the property is 11 miles from downtown Atlanta and has access to Interstate 20. Several entertainment and amusement parks are located nearby, while restaurants and shopping is available along Riverside Parkway.

Atlanta is showing strong market fundamentals as the state recovers from the pandemic and jobs are added across multiple industries. Subway multifamily sales volume in the first half of the year reached $5.5 billion, a 10% increase over the same period last year.

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