PHOENIX — NexMetro Communities, the Phoenix-based BTR developer behind the Avilla Homes brand, has secured $271.9 million for the recapitalization of a portfolio of eight build-to-rent (BTR) properties located in Arizona, Colorado and Texas. Stockbridge invested $65.9 million of preferred equity, along with $206 million of existing assumable agency financing.
The portfolio comprises 1,061 mostly detached, single-story BTR units. All of the properties were built between 2018 and 2019. The combined portfolio was valued at $620 million, with $145 million of equity committed and $366 million of senior debt.
The eight properties included in the portfolio are:
- Avilla Camelback Ranch in Phoenix
- Avilla Centerra Crossing in Goodyear, Arizona
- Avilla Deer Valley in Phoenix
- Avilla Lehi Crossing in Mesa, Arizona
- Avilla Meadows in Surprise, Arizona
- Avilla Buffalo Run in Commerce City, Colorado
- Avilla Northside in McKinney, Texas
- Avilla Heritage in Grand Prairie, Texas
Kevin MacKenzie, Michael Joseph, Brad Miner, Matthew Putterman, Chris Shea, Caroline Novak and Weston Nearon led the JLL Capital Markets debt advisory team that represented the borrower in the transaction.