Lazora, a leading Spanish residential fund, had reached its end of life in 2018, and its sponsor, Azora, was looking for strategic partners to recapitalize the majority of the limited partnership through a pooled secondary trade. In our view, the transaction provided an attractive opportunity to participate in the emerging Spanish multifamily rental market, which Madison believes is poised for significant growth in the coming years. At acquisition, the portfolio consisted of 65 assets and 6,458 units located throughout Spain, with the majority located in Madrid.
