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BTR Daily - November 4, 2025 - NexMetro begins leasing at 195-unit BTR

BTR Daily - November 4, 2025 - NexMetro begins leasing at 195-unit BTR

Dwight Mortgage funds $42.5M loan. Invitation Homes beats Q3 revenue estimates. Chapco Design welcomes new project manager. Phoenix is largest BTR market by far. Two new BTR deals.

Matt H & Aid Sopjani
November 04, 2025

Good morning. This is BTR List, and we keep your eyes on the prize.

→ We are here to serve the owners, brokers, managers, and capital providers that are interested in single family rentals (SFR) and build-to-rent (BTR) multifamily. Do us a favor, and forward this email to your favorite multifamily pro. They can sign up here.

Now, let’s get to it.

NEWS ROUNDUP

DEVELOPMENT: NexMetro begins leasing at 195-unit BTR. NexMetro has officially begun leasing at Avilla Western Garden, a new 195-unit luxury leased home community in Phoenix’s West Valley. The pet-friendly neighborhood offers detached homes with private backyards and no shared walls.

FINANCING: Dwight Mortgage funds $42.5 million loan for 135 units. Dwight Mortgage Trust has provided a $42.5 million construction loan for Old Charlotte Townhomes, a 133-unit BTR project in Asheville, North Carolina. Developed by Golden Hour Collective, the community will include 119 three-bedroom and 14 four-bedroom homes, each with attached garages and averaging 1,836 square feet.

MARKET: Invitation Homes beats Q3 estimates. Invitation Homes reported Q3 2025 revenue of $688.2 million, surpassing Wall Street’s estimate of $675.1 million, driven by continued strong demand for single-family rental homes. The Dallas-based REIT, which manages approximately 85,000 homes across 16 U.S. markets, also reported core FFO of $0.47 per share, in line with expectations.

PEOPLE MOVES: Chapco Design welcomes new project manager. Chapco Design Build has appointed Alex Hill as Project Manager. “Alex is an experienced addition to the Chapco team,” said Jay Kiger, President of Chapco Design Build. “His expertise and fresh ideas are a valuable asset as we move into our next phase.”

This is a pretty wild chart. It shows the total number of build-to-rent SFR units by metro area AND its size relative to that market's apartment stock.
Look at Phoenix in a world of its own. Not a surprise it's No. 1, but crazy that there's one BTR unit for every 10 apartments.
— Jay Parsons (@jayparsons)
5:31 PM • Oct 21, 2025

CHART: Phoenix is largest BTR market by far.

BTR FOR SALE

Click each image for more information:

Woodson Towns | 6339 Old Plank Rd, Charlotte, NC, 28216

100 Units | Forward Sale Opportunity | To Be Built In 2026

Yardly Artisan Lakes | 5020 Cedar Leaf Cir, Palmetto, FL 34221

192 Units | 2024 Construction | Developed by Taylor Morrison | Private Fenced Backyards

ONE MORE THING

Think I’ll get the 4 ounces of rare A5 Wagyu but can you please bring it to me in the trunk of a Hyundai Sonata
— Clue Heywood (@ClueHeywood)
3:47 AM • Oct 14, 2025

→Try our resources for SFR and BTR pros: