Advenir Azora expands portfolio with Varina Oaks acquisition in Raleigh

Advenir Azora, a real estate investment and property management firm, has wrapped up its acquisition of Advenir Azora at Varina Oaks, a 264-unit, Class-A multifamily property located in Raleigh, North Carolina. The acquisition, finalized on November 5th, 2024, reflects the company’s commitment to strategic suburban investment, targeting high-growth markets with strong economic and population expansion.

The property, situated just 30 minutes from Research Triangle Park, benefits from its proximity to one of the largest research hubs in the United States, employing over 55,000 individuals. With rents starting at $1,300 per month, Varina Oaks provides an attractive alternative to homeownership in an area where median home prices average $450,000.

Why Raleigh Is a Prime Target

The Raleigh metropolitan statistical area (MSA) is experiencing rapid growth, ranked as the fourth-fastest-growing region in the United States. The combination of strong job creation, a high quality of life, and increasing demand for quality rental housing has positioned Raleigh as a prime destination for real estate investments.

Advenir Azora at Varina Oaks achieved 90% occupancy within a year, averaging 20 new leases per month, underscoring the region’s robust demand for rental properties. Industry analysts note that Raleigh’s thriving economy and reputation as a technology and innovation hub make it a magnet for both businesses and residents.

A Savvy Business Move

Advenir Azora’s acquisition of Varina Oaks at $238,335 per unit marks a cost-effective move compared to similar transactions in the area. This acquisition aligns with the firm’s high-growth market strategy, allowing it to expand its footprint in one of the most dynamic suburban markets in the country.

According to Matt Zaverucha, Vice President of Acquisitions at Advenir Azora, the purchase is a strategic fit, reflecting the company’s focus on suburban markets with strong economic fundamentals. He highlighted the region’s combination of job opportunities and affordability as key drivers behind the acquisition.

Advenir Azora’s Vision

As a premier player in the real estate industry, Advenir Azora specialises in managing Class-A and value-add multifamily communities across the United States. Its portfolio spans numerous high-growth markets, with a mission to deliver exceptional living experiences.

The company’s business plan for Varina Oaks involves leveraging the property’s leasing momentum and integrating it further into its high-performing portfolio. By maintaining competitive rental rates and focusing on enhancing the resident experience, Advenir Azora aims to maximise returns while contributing to Raleigh’s housing landscape.

Research Triangle Park’s influence extends beyond its economic footprint. The hub has cultivated a community of professionals seeking modern, accessible housing—a need that Varina Oaks is well-positioned to meet. With the acquisition, Advenir Azora strengthens its ability to cater to the diverse needs of the area’s growing population.