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BTR Weekly - October 23, 2024 - Azora and Advenir strike $3 billion partnership

BTR Weekly - October 23, 2024 - Azora and Advenir strike $3 billion partnership

Azora and Advenir partner to invest $3 billion in US rentals. Tricon Residential opens two new BTR communities in Texas. Seneca completes luxury BTR project in Las Vegas. Parkland Residential secures $8 million loan for Lawrenceville BTR. Two new BTR deals.

Matt H & Aid Sopjani
October 23, 2024

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NEWS ROUNDUP

FUNDRAISING: Azora and Advenir strike $3 billion partnership. Azora, a Madrid-based real asset investment manager and Advenir, a Florida-based developer, have formed a partnership to invest in the US residential sector. The partnership will create a new entity, Azora Advenir, which plans to deploy $3 billion over the next five years, aiming to build at least 10,000 single-family rental homes and acquire an additional 5,000 single- or multifamily units. Fernando Perez-Hickman, head of Azora America, and Stephen Vecchitto, managing director at Advenir, believe that this partnership can take advantage of America’s housing shortage.

DEVELOPMENT: Tricon Residential opens two new BTR communities in Texas. Tricon Residential, a Blackstone company, has delivered two new BTR projects in Texas: Tricon Bryson, a 155-unit community in Leander, and Tricon Willow Creek, a 148-unit community in Tomball. Both projects were constructed by HHS Residential. Andy Carmody, senior managing director at Tricon Residential, and Rob Harper, head of Blackstone Real Estate Asset Management Americas, expressed great optimism for these projects. Tricon Residential is on track to deliver 1,000 new BTR homes in the US in 2024.

DEVELOPMENT: Seneca completes luxury BTR project in Las Vegas. Seneca, a division of Christopher Homes, completed Seneca at Southern Highlands, a 50-unit luxury BTR asset in Las Vegas, NV. The developer used a $26.3 million construction loan from East West Bank, which was arranged by Walker & Dunlop to finance the project. The community achieved 60% occupancy before completion. This is Christopher Homes’ first luxury BTR project.

FINANCING: Parkland Residential secures $8 million loan for Lawrenceville BTR. Parkland Residential has secured an $8 million construction loan for phase two of Sweetwater Springs, a BTR community in Lawrenceville, GA. The new phase, located across the street from phase one, adds 37 new townhomes, bringing the total number of homes to 95. The first phase of Sweetwater Springs opened three years ago and is 100% leased. The community’s additional amenities in phase two include a swimming pool and cabana. Jim Jacobi, President of Parkland Residential, made sure to thank The Piedmont Bank for providing the financing.

PEOPLE MOVES: C-STAR brings in new chief advisor. C-STAR, a New York-based real estate investment company, has appointed Mitch Presnick as its new chief advisor. Presnick has over 30 years of experience in real estate, private equity and capital markets. C-STAR founder and CEO Sherry Li believes that Presnick’s experience and strategic thinking will help the company elevate to new levels.