Aspire Real Estate Investors, a multifamily REIT focused on Opportunity Zones being spun out of Avanath Capital Management, filed on Friday with the SEC to raise up to $100 million in an initial public offering.
Formed from predecessors Avanath Affordable Housing I and II, this REIT is focused on acquiring existing income producing affordable and workforce multifamily properties. Its initial portfolio will be comprised of nine multifamily projects, six of which are located in Opportunity Zones.
The Irvine, CA-based company was incorporated in 2020 and booked $23 million in revenue for the 12 months ended June 30, 2020. It plans to list on the NYSE but has not selected a symbol yet (RC ticker: AREI.RC). Aspire Real Estate Investors filed confidentially on February 14, 2020. Morgan Stanley, B. Riley FBR, Wells Fargo Securities, BMO Capital Markets and KeyBanc Capital Markets are joint bookrunners on the deal. No pricing terms were disclosed.
