Madrid, Spain-based investment firm Azora is teaming up with a Florida multifamily firm to launch a $3B partnership they say is aimed at addressing the U.S. housing shortage.

Azora and Miami-based Advenir plan to invest in both the development and acquisition of housing across the U.S., they announced in a press release last week. The partnership plans to deploy the capital over the next five years in an effort to develop at least 10,000 new single-family rental homes and acquire 5,000 housing units.

“Investing in and with Advenir is a further expression of Azora’s long-term conviction to help create quality multi-family and single-family rental homes in the US,” Fernando Pérez-Hickman, head of Azora America, said in a statement. "More than just good business, this endeavor will help countless families. Advenir’s operational excellence, local expertise, and similar principles make them an ideal partner as we continue to seek value in investment opportunities across the United States.”

The partnership will target developing and investing in what it deems “high-growth markets” in North Carolina, South Carolina, Georgia, Tennessee, Alabama, Florida, and Texas. The two firms will also look at expanding into several Midwestern markets, including Wisconsin; Indianapolis; Columbus, Ohio; and Louisville, Kentucky.

Each new apartment community is planned to include 250 to 300 new townhomes, standalone units and condos, and will have amenities such as pools, gyms and clubhouses.

Azora has $11B in assets under management in residential, hospitality, logistics, office, and renewable energy sectors in Europe and the U.S. Advenir operates over 30,000 residential units and owns 12,200 units across the country.