Spain-based Azora Real Estate has acquired two Sun Belt communities on behalf of its ONE Azora Exan Multifamily Fund I. The purchase of The Edge at Lees Chapel in Greensboro, N.C., and Midwood at Riverside in Austell, Ga., brought the company’s current investments in the residential sector to $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 U.S. 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 Properties Group, acquired it for $11.5 million, Yardi Matrix data shows.
Midwood at Riverside is a 232-unit community in Austell, Ga. The property last traded in 2021, when Zevulon Capital purchased it for $20.6 million, the same data provider shows.
Azora entered the U.S. market in October 2021, alongside Exan Capital and launched its multifamily fund in 2022. Javier Rodriguez-Heredia, managing partner at Azora, commented in prepared remarks that the company is aiming 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 encompasses 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-area amenities include a swimming pool, a fitness center, a clubhouse, a playground and basketball court, a business center and 13 laundry facilities.
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 sits on 18.4 acres and encompasses 21 buildings. The community offers two- and three-bedroom apartments, averaging 1,153 square feet. Common-area amenities include a swimming pool, a tennis court, a playground and laundry facilities.
Located at 7440 Riverside Parkway, the property is 11 miles from central Atlanta and has access to Interstate 20. Several entertainment and amusements parks are situated nearby, while dining and retail options are available along Riverside Parkway.
Atlanta is showing strong market fundamentals, as the state is recovering from the pandemic and jobs are added in several sectors. The metro’s multifamily sales volume in the first half of the year reached $5.5 billion, a 10 percent increase compared to the same period last year.