Azora and Advenir are teaming up in a $3 billion collaboration to invest in rental units.
The two management firms will pour the capital into key markets across the states, they announced in a statement. Under the partnership, the duo will create a new corporation called Advenir Azora that will leverage develop, manage, purchase, and fund services across its portfolio.
The new company plans to invest more than $3 billion over the next five years, aiming to add 15,000 single-family rental units to its portfolio. This includes at least 10,000 through development, and 5,000 existing through acquisitions.
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