PHOENIX, AZ - NexMetro Communities, the nation’s leading developer of build-to-rent (BTR) home neighborhoods, has closed escrow on the land acquisition of what will be its 60th neighborhood, marking a major milestone in the company’s growth and surging consumer demand for a luxury leased home lifestyle. The latest project represents more than 10,000 homes completed or in development by NexMetro in the Phoenix, Dallas-Fort Worth, Austin, Denver, Tampa and Atlanta markets.
Since its founding in 2012, NexMetro has been at the forefront of transforming the landscape of rental housing, propelling the asset class as a significant factor in the multifamily sector.
“BTR has emerged as a transformative force in the multifamily sector and is no longer just a niche market,” said Hartmann, adding that the growth is driven by a combination of demographic trends, evolving consumer preferences and a growing housing shortage. “We’re proud to continue leading the BTR sector with projects that not only balance renters’ needs for privacy, luxury and convenience, but also contribute to the development of vibrant, sustainable communities.”
The company, ranked by Pro Builder Magazine as the number three rental home builder in the U.S. in 2024, remains committed to the growth of its purpose-built Avilla Homes neighborhoods, which feature detached homes with luxury appointments and private backyards. NexMetro’s portfolio spans multiple markets of prime, growing, major U.S. Sunbelt metros, and highlights amenities such as dog parks and resort-style pools that appeal to a diverse group of “renters by choice” – from professional millennials to baby boomers trading in their owned homes for the BTR lifestyle.
“Our 60th project represents more than just another achievement – it represents a legacy of trust, expertise and ongoing demand for innovative and desirable housing solutions. BTR has cemented its reputation as a stable and highly desirable housing product for residents, municipalities and investors alike,” Hartmann said, adding that despite the capital crunch of the past 18 months, the company continues to seek and invest in new projects. “BTR is poised to remain a dominant force shaping the way people live and invest in housing.”
In January the company secured financing for the recapitalization of four projects valued at approximately $300 million to be part of a larger 12-project stabilized portfolio.
“NexMetro has created a platform for growing our best-in-class BTR portfolio through a built-to-core strategy so that we can deliver a highly desirable housing product and outstanding lifestyle experience to our residents over the long term,” Hartmann said.
Industry Pioneers
- NexMetro first originated the concept of BTR more than 12 years ago in Phoenix after the company founders built the first neighborhoods in Tucson, Arizona. As an industry pioneer, NexMetro has optimized the scalability of its BTR model, creating economies of scale in development, management and operations.
Investor History & Offerings
- While institutional investment in the past five years has fueled the growth of the BTR industry, Hartmann said NexMetro’s equity investors are primarily accredited family offices and high net-worth individuals. The company’s nearly $2.7 billion in project investment has been supported by more than $540 million in investor equity. The company offers project portfolio investment through its Direct Access Fund and open-end evergreen investment through its NexMetro Dividend Fund.
Consumer Focus
- NexMetro is a consumer-focused company dedicated to ensuring that its BTR projects align with what consumers are seeking. Regular resident surveys, for example, led to the creation of new floorplans built in 2024 that incorporate more storage space in the home and new outdoor storage units alongside the optional garages. The company also works with third parties to conduct market-depth analysis prior to pursuing new locations across the nation.
About NexMetro: NexMetro Communities is an industry leader and pioneer developer of purpose-built leased home neighborhoods that offer lifestyle-conscious consumers a new living experience without burdens of home ownership. In partnership with its affiliated companies, NexMetro has developed Avilla Homes neighborhoods since 2012 in prime in-demand Sunbelt submarkets of growing metros including Phoenix, Dallas, Denver, Atlanta, Austin and Tampa. Combining elements of residential single-family living with rental terms and management, NexMetro supplies a growing market niche of consumers with a leased home experience like no other. For more information on NexMetro visit nexmetro.com.
About Avilla Homes: Avilla Homes provide a truly unique alternative to the typical rental experience. Avilla neighborhoods feature single-level, mostly detached homes for lease. The one, two, and three-bedroom floor plans feature front porches, outdoor patios and private backyards, along with upscale finishes such as 10-foot ceilings, granite/quartz countertops, and stainless-steel appliances. Avilla communities offer the perks of neighborhood living with optional garages, resort-style pools, outdoor barbeque and lounge areas, walking paths, dog parks, electric car-charging stations and other open spaces and amenities. For more information, to schedule a tour, and to view pre-leasing opportunities, please visit www.avillahomes.com.