PHOENIX AND DENVER — NexMetro Communities has recapitalized four build-to-rent (BTR) properties in Phoenix and Denver. Valued at about $300 million, the properties, comprising 849 units, are Avilla Gateway, Avilla Magnolia and Avilla Canyon, which are in Phoenix. The fourth property, Avilla Eastlake, is in Thornton, Colorado, 25 miles north of Denver.
NexMetro has developed 60 projects nationwide since its founding in 2012. According to the company’s website, NexMetro’s current portfolio is made up of 43 properties.
The financing structure includes $160 million in senior debt invested and managed by Blackstone. The private equity giant has also shown support for increased BTR growth via its April 2024 acquisition of Tricon Residential, a Canadian BTR developer and investor, for $3.5 billion. NexMetro’s $300 million financing package also included a preferred equity investment from Artemis Real Estate Partners.
Kevin MacKenzie, Brad Miner, Michael Joseph, Matthew Putterman and Chris Shea of JLL Capital Markets arranged the financing. The four properties offer detached, single-story homes. The average unit size across the portfolio is 959 square feet.