PHOENIX AND DENVER — NexMetro Communities has recapitalized a portfolio of build-to-rent communities in Phoenix and Denver. Valued at about $300 million, the portfolio consists of 849 units across four communities. The assets included in the portfolio are Avilla Gateway, Avilla Magnolia, Avilla Eastlake and Avilla Canyon.
The properties were built between 2021 and 2023 and offer detached, single-story homes. The average unit size across the portfolio is 959 square feet.
The financing structure includes $160 million in insurance capital invested and managed by Blackstone, as well as 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.