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1/16/25
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NexMetro Communities has recapitalized a $300 mil build-to-rent portfolio across Phoenix and Denver. The new financing structure includes $160 mil in insurance capital invested and managed by Blackstone, plus a preferred equity investment from Artemis Real Estate Partners.
The four assets included in the portfolio are Avilla Gateway, Avilla Magnolia, Avilla Eastlake and Avilla Canyon. These communities are strategically located in high-growth submarkets of Phoenix and Denver, offering residents a unique blend of single-family home living with the flexibility of a rental.
Completed between 2021 and 2023, these Class A, build-to-rent communities feature detached, single-story homes with private backyards, high-end finishes and resort-style community amenities. The average unit size across the portfolio is 959 sf.
NexMetro Communities, a pioneer in the BTR sector, has developed over 9,400 homes across nearly 60 projects nationwide. This recapitalization allows NexMetro to continue its rapid growth and strategic expansion in key Sunbelt markets.
“NexMetro is creating a platform for growth for our best-in-class BTR portfolio while realizing the synergies from joint venture and partnership portfolio management,” said NexMetro CEO Josh Hartmann.“BTR benefits from favorable market fundamentals that lead to superior revenue growth and this recap allows for the upside of executing longer-term business partnerships.”
Kevin MacKenzie, Brad Miner, Michael Joseph, Matthew Putterman and Chris Shea with JLL Capital Markets secured the new financing.
"This transaction underscores the strong investor appetite for high-quality BTR assets in growth markets," said MacKenzie. "NexMetro's innovative approach to rental housing continues to attract both residents and institutional capital, reflecting the evolving preferences in today's housing market."
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