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2/21/25
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A portfolio of eight NexMetro assets has been recapitalized with Stockbridge investing $65.9 mil of preferred equity along with existing assumable agency financing of $206 mil. The transaction allows NexMetro to return capital to investors while continuing to build its already robust development pipeline. The company has 60 projects across the Sunbelt either completed, under construction or in development.
The NexMetro eight-asset portfolio consists of 1,061 mostly detached, single-level BTR homes across eight properties in three states -- Arizona, Colorado and Texas. The properties included in this recapitalization are: Avilla Camelback Ranch, Avilla Centerra Crossing, Avilla Deer Valley, Avilla Lehi Crossing, Avilla Meadows, Avilla Buffalo Run, Avilla Northside and Avilla Heritage. Built between 2018 and 2019, these communities represent high-quality, newly constructed BTR assets in key growth markets.
This completes the second closing over 45 days on a 12-asset portfolio transaction. The previously announced pool included $78.7 mil in equity (via Artemis) and $160 mil of senior debt (via Blackstone) across four build-to-rent assets in Arizona and Colorado. The combined portfolio was valued at $620 mil, with $145 mil of equity committed and $366 mil of senior debt.
A JLL Capital Markets Debt Advisory team led by President Kevin MacKenzie, Senior Managing Directors Michael Joseph and Brad Miner, Managing Directors Matthew Putterman and Chris Shea, Director Caroline Novak and Senior Analyst Weston Nearon arranged the financing.
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