Azora, OREI launch multifamily fund

Azora Exan, the Miami-based U.S. investment arm of Azora Capital, the European private equity manager, and One Real Estate Investments (OREI), the Miami-based real estate and asset management company have joined forces to co-sponsor the ONE Azora Exan Multifamily Fund I.

The fund, which held its first closing at the end of April, is aiming to raise as much as $250 million in total capital commitments in the next 15 months to invest in value-add market rent class B and C garden-style multifamily properties in the Sunbelt of the United States. Including leverage, the fund will have an implied total investment capacity of more than $650 million and will target underinvested and undermanaged multifamily assets with significant potential for repositioning through smart, tactical capex programs and through active asset-management initiatives.

Soon after the first closing, the fund announced that it already has acquired its first asset, The Fredd, for a total of $48 million,