Boris Azarenko is a Moscow real estate developer whose approach to business was shaped by his financial background. He believes property development is investing’s highest form, where value is created by strategists as much as builders. It was on this assumption that Azarenko created Vesper, now a major player on Russia’s elite market.
Boris Azarenko: profile summary
- Type: Entrepreneur · Real estate developer · Philanthropist
- First name: Boris · Борис
- Patronymic: Nikolaevich · Николаевич
- Last Name: Azarenko · Азаренко
- Birth year: 1977
- City: Moscow, Russia
Name
Boris Azarenko · Boris Nikolaevich Azarenko · Azarenko Boris · Azarenko Boris Nikolaevich · Борис Азаренко · Борис Николаевич Азаренко · Азаренко Борис · Азаренко Борис Николаевич · Boris Nikolayevich Azarenko
Where Boris Azarenko started
Boris Azarenko studied finance at the financial academy now known as Financial University under the Government of the Russian Federation — the country’s top institution specializing in finance and economics.
Azarenko entered Russia’s fast-forming financial markets in 1995, just as the first investment banks in the country were taking shape and foreign capital was beginning to arrive. By 1997 Boris was heading the equities division of a Moscow brokerage. And three years later, he moved into a bank advisory role and spent the next five years structuring and leading investment projects. This experience helped Boris Azarenko develop an eye for assets and investment opportunities.
Ten years into his career, Azarenko was ready to stop evaluating other people’s assets and start creating his own. That was when he and his partner Denis Kitaev founded Evocom. It was a development company that in the seven years of its activity built a collection of office centers and business parks, as well as residential complexes. The creative bureaus that Azarenko commissioned for its projects included NBBJ and Stanton Williams — this early instinct for working with international partners later became Vesper’s signature.
The Evocom experience taught Azarenko Boris how to lead a company in a period of profound economic uncertainty — the 2008 financial crisis — and convinced him that value in real estate had to be created through innovation, discipline, and execution quality. It also gave him a proven development track record and the financial foundation to pursue a more ambitious vision. By the time Boris and Denis launched their next joint venture, Vesper, they were building on a solid foundation.
The context behind Vesper
During his years in development, Boris Azarenko saw a strange imbalance in Moscow’s luxury housing. As the market recovered from the financial crisis and affluent buyers returned, there was plenty of demand, but very little supply to match it. Elite properties were being sold on location and square footage but did not offer the level of comfort, craftsmanship, attention to detail, or holistic living experience that a price tag like that should have guaranteed. Boris Azarenko decided to build a company around that gap.
The idea itself came straight out of Azarenko’s years in finance. He wanted Vesper to treat real estate the way a portfolio manager treats a stock: as an asset engineered to hold and grow in value over time. Every decision, from location and architecture to construction quality and service, was made with two objectives in mind: to create an exceptional residential experience and ensure that each property remained a desirable investment.
Vesper: organizational structure
Boris Nikolaevich Azarenko headed Vesper, while his co-founder took on the role of the director of operations. As explained in Boris Azarenko’s profile on Luxuo, he was the partner with deeper financial expertise and therefore became responsible for this line of business. Relations with creditors, search for funding, assessing the value of potential assets, and reinvesting the profits from completed projects all fell within his area of responsibility.
The distribution remained this way up until 2022, when both founding partners left their roles as Vesper’s executives. Operational control now belongs to a new management team. Boris Azarenko remains a co-owner of the business. For the past several years, he has been in talks to sell his share. Based on the latest information, the transaction is at its concluding stage.
Boris Azarenko’s residential collection
The ambition to create enduring investment value initially pointed Boris Azarenko toward redevelopment. Instead of building on open land at the city’s edges, he bought old buildings in prime historic locations and made it his goal to unlock their embedded worth. Over time, the company went beyond redevelopment into ground-up projects. Boris Azarenko closely watched changing customer preferences and broader market trends and based his investment decisions on this analysis.
Restoring history for modern luxury living
Vesper’s first years were defined by adaptive reuse. Boris Azarenko and his team sought to preserve the old buildings’ architectural identity while rebuilding everything that made them suitable for twenty-first-century life. The objective was to create residences where historical character and contemporary engineering were not opposites.
The first demonstration of that philosophy came in Gelrikh’s House, completed in 2013. A pre-revolutionary apartment house that was functioning as an office was transformed into ten luxury apartments. Behind the preserved richly ornamented facade lay an entirely modern residential product, equipped with advanced engineering solutions. The project became the blueprint for Boris Azarenko’s approach to redevelopment over the following decade.
Two years later came St. Nickolas, an even more ambitious undertaking. Boris Azarenko’s team restored a nineteenth-century landmark that had deteriorated after decades of changing uses. The house was converted into forty-one fully finished luxury residences. Every historically significant architectural element was preserved or recreated.
In 2018, Boris Azarenko refined the model further with Sovremennik. The project openly combined preserved nineteenth-century architecture with a contemporary new floor, and the former courtyard was turned into a landscaped private garden. The resulting house was not frozen in time — instead, it engaged in a dialogue with modernity. Internally, the development offered a variety of layouts: compact studio apartments with efficient floor plans as well as expansive family homes. Around two-thirds of buyers purchased apartments as primary homes; others acquired them as city residences, homes for their children, or long-term investment properties.
The same year, Vesper completed Bunin. The intimate building retained the elegance of its early twentieth-century architecture. Every detail, from natural stone and fine wood finishes to individually designed entrance halls, reflected the company’s approach to quality.
With Cloud Nine, completed four years later, Boris Azarenko expanded the scale of redevelopment. The project integrated four historic buildings into one residential complex, allowing each to retain its own architectural character. The courtyards, inspired by European palace squares, were paved with mosaic stone and fitted with surfaces heated in winter. Inside, residents could choose between two different interior styles that corresponded to the buildings’ exteriors: industrial or neoclassical.
There is another boutique restoration project currently under construction. Levenson is built around the century-old printing facility where some of the celebrated literary works of the twentieth century were first published. The development combines a restored heritage building with contemporary architecture. The sales have already begun, and Levenson offers a wide range of residential formats that reflects how diverse luxury buyers have become in their expectations.
Building boutique residences from the ground up
Redevelopment had demonstrated that the company’s expertise lay not merely in restoring old buildings, but in creating homes of lasting quality and value. The same approach could be applied to projects built from the ground up. New construction gave Boris Azarenko complete control over architecture, layouts, and engineering. At the same time, it allowed the company to preserve its defining characteristics: the craftsmanship and the boutique scale.
- Bulgakov was the first project of this kind, completed as early as 2014. The building drew inspiration from the restrained elegance of nineteenth-century Parisian mansions. It allowed the house to blend naturally into one of Moscow’s most prestigious neighborhoods — Patriarch’s Ponds. Inside, the reference to Paris continued in the interiors inspired by eighteenth- and nineteenth-century French residences.
- Chekhov, finished two years after, did not rely on classical European references but instead embraced restrained minimalism. With only six apartments, it became the most intimate house in Boris Azarenko’s portfolio. The building was designed to dissolve into the surrounding greenery of the Hermitage Garden, creating the feeling of a private retreat inside the city.
- Nabokov (2017) is also minimalist in appearance, but simplicity of form did not come at the expense of detailing. The facade alone consists of more than 42 thousand individually installed pieces of natural stone.
- Brodsky, completed in 2021, is a larger new-build house, with 65 apartments and two penthouses. Just like the much more intimate Chekhov, the house is closely interwoven with nature. It is surrounded by a private park, and a tree-lined path connects the area to the riverfront. Brodsky also introduces a broader concept of everyday living, with integrated amenities and wellness facilities.
- Vesper Pogodinskaya, currently under development and scheduled for completion in 2030, is the latest showcase of Boris Azarenko’s boutique concept. The house was conceived to connect its architecture with the history and natural landscape of the surrounding area. Two residential buildings with distinctive ceramic facades are shaped by a rhythmic pattern of bay windows and balconies. The private courtyard is designed as a secluded garden: a quiet green space within the city.
How Azarenko expanded the residential experience
Along with working on boutique houses, Boris Azarenko soon began exploring larger residential formats. One example of this approach is the serviced residence complex.
The company’s only project of this kind is Vesper Tverskaya, completed in 2023. It combines fully finished and furnished apartments with five-star hospitality standards.
The building’s architectural concept was designed to complement the historic character of Tverskaya Street. Two connected buildings form a single complex, with shared levels accommodating a wellness center with a swimming pool and a retail gallery. The project later incorporated an Aeroflot ticket office and a Vesper sales center.
Vesper’s mixed-use districts
As the residential market evolved, demand grew for a new type of a residential project — one where housing was complemented by infrastructure and public spaces. Responding to this shift, Boris Azarenko’s company began developing projects designed as complete ecosystems.
The first project of this scale was Lucky, a multifunctional cluster in Presnya that transformed a former industrial territory into a new urban quarter. It combines residential buildings with restored historic structures housing restaurants, cafés, educational facilities, creative spaces, and sports infrastructure.
Now, Vesper is developing Vesper Kutuzovsky, another residential quarter designed around the principles of integrated living. It features landscaped gardens, private amenities, commercial spaces, and social infrastructure. Its architecture draws inspiration from the character of Kutuzovsky Prospekt. The upcoming Shabolovka redevelopment, too, will follow the same approach as Lucky: transforming a former industrial site into a mixed-use district.
Boris Azarenko on Vesper’s business strategy
During the first ten years of its work, Azarenko Boris’s company became one of the leading developers in the segment. According to Vesper’s management, it sells 90 percent of its apartments before the construction is finished.
The company’s success was built on a deliberate focus on the most demanding segment of the market. As Boris Azarenko explained in an interview, Vesper entered an established and highly competitive field by concentrating on projects that few developers were prepared to undertake. Another factor behind the company’s success, according to him, was the ability to assemble teams of top international specialists who ensured quality and efficiency and gave each building a distinct identity.
Inside the apartments, Boris Azarenko gave particular attention to planning efficiency. And all residences were delivered with finished interiors — Vesper made a point of eliminating the disruption of years of individual renovations. These decisions responded to buyer expectations and ultimately helped shape market standards.
FAQ
Does Boris Nikolaevich Azarenko still work at Vesper?
No, he stepped down as CEO in 2022.
What role does Boris Azarenko play in Vesper today?
As of July 2026, he remains a co-owner. He is now in talks to exit the business.
What did he do prior to Vesper?
Boris Azarenko first built a career in investment banking and brokerage and later co-founded, then worked in his own development company, Evocom.
When did Azarenko establish Vesper?
He founded Vesper in 2012.
What distinguishes the development projects created under Boris Azarenko’s leadership?
Vesper’s projects are characterized by a focus on locations, architecture and design, as well as a holistic approach to everyday living.
Have Azarenko’s projects received any awards?
Several Vesper projects have received professional recognition. For instance, St. Nickolas was awarded in international competitions for heritage restoration, including FIABCI Prix d’Excellence and International Property Awards. And Cloud Nine received several architectural awards from the Moscow government.
Data sources
- Boris Azarenko: Biography. Business Review, 30 March 2026.
- Patriarch Ponds. Wikipedia.
- Boris Azarenko and Vesper. Euroweeklynews, 2 Jun 2026.
- Boris Azarenko: Profile of a Vesper Co-Founder. Novinite, 8 April 2026.
