AVENTURA, Fla.--(BUSINESS WIRE)--Advenir- a Miami based vertically integrated investor, developer, and operator of multifamily assets- has joined forces with Oakley Group- a Birmingham based investor and developer of multifamily properties- to develop, acquire, and operate a portfolio of Single-Family Rental (“SFR”) / Built-for-Rent (“BFR”) properties. Formed in October of 2020, Advenir Oakley Capital has the stated purpose of accumulating a portfolio of 8,000 BFR units in markets that demonstrate outsized demand stemming from strong job creation, positive in-migration, low taxation, an expensive housing market, and local desirability.
Significant home foreclosures due to the Great Financial Crisis of 2007/2008 resulted in the emergence of a new sector: single family homes for rent (SFR). Financial investors found significant success acquiring, renovating, and renting homes that went through foreclosure and learned that there was healthy demand for the asset class. As a result, developers began to explore the operational efficiencies of building purpose-built communities with homes for rent (BFR) and found great success in both leasing and operations in the Southwest United States. Advenir Oakley Capital looks to capitalize on this emerging trend through both acquisition and development of these assets in the southeast and Midwest.
Currently, cross-generational demand exists for a home of one’s own. Millennials have experienced stagnant real wage growth and sat on the sidelines as real home price appreciation has continued. As this generation ages, a desire for a home and private space becomes more and more important to them, but the lack of affordability of acquiring a home prevents home ownership. On the other end of the spectrum, empty nesters and baby boomers have built up significant equity in their homes. Many would like to either downsize, take advantage of a strong for-sale market, find a more efficient turnkey product, but would prefer not to move to a traditional apartment community. Advenir Oakley Capital aims to fill that missing middle ground that allows for individuals to live in a home of their own, in a safe and well-planned community, without the hassle or expense of purchasing a property.
Advenir Oakley Capital has been able to capitalize on this new and exciting industry by acquiring LEO at The Sanctuary, a 208-unit community in Savannah, GA, and LEO at Augusta Commons, a 207-unit community in North Augusta, SC, in Q4 of 2021. Additionally, Advenir Oakley Capital has a pipeline of ~3,200 units in various stages of pre-development and development across 10 different properties.
Focused on developing Best-in-Class development and operational teams, Advenir Oakley Capital intends to build its business by adhering to the same principles that have blessed both companies up until this point: a desired product and exceptional customer service. Striving to become a major player in the BFR sector, Advenir Oakley Capital looks forward to partnering with future investors, developers, and municipalities to achieve their goal of 8,000 units by 2025.
Advenir Living
Founded in 1996, Advenir Living has historically owned over 25,000 units with an asset value of $4.2 billion valuation. Currently, Advenir Living’s portfolio is made up of 43 properties, over 14,000 units, and has an asset value of $2.5 billion valuation, $1 billion associated to equity under management. With five regional offices, 49 corporate employees and 317 on-site employees, Advenir Living intends to grow its fingerprint in the real estate industry even more. www.advenirliving.com
Oakley Group
With a historical asset value of $300 million valuation, Oakley Group is no stranger to the industry. Founded in 2007, Oakley Group has developed and owned 3,626 units in its existence, with 20 properties, 2,232 units, making up its current portfolio. www.oakleygroup.com
