Alterra IOS Snags $150M Loan Covering 21 Properties
A few months after closing its $925 million fund, Alterra IOS has secured a $150 million loan that will cover industrial outdoor storage acquisitions.
Initially, the funding will cover 21 properties in the sector across 12 states. Some markets included are Dallas-Fort Worth, Phoenix, Houston, Atlanta and Charleston, with the assets spanning 106 usable acres.
The financing is supported by funds managed by Blue Owl Capital Inc., with Newmark representing Alterra on the deal.
“Our investment in Alterra reflects Blue Owl’s focus on working with market-leading operators in high-growth, resilient sectors,” Jesse Hom, chief investment officer for Blue Owl’s Real Assets platform, said in a statement.
“We see strong, sustained demand for IOS assets and believe Alterra is well positioned to lead in this evolving space.”
To add to that point, a recent Newmark report shows that IOS rent growth has boomed by 123 percent since 2020. That outpaces bulk warehouses, which only increased by 58 percent.
The loan backs Alterra IOS Venture III, which the company announced closed in August, raising $925 million. The pool targets infill IOS assets in Canada and the U.S. Through discretionary ventures, Alterra has fetched more than $1.5 billion.
In 2025, Alterra secured multiple other loans, including $343 million from the Bank of Montreal and Truist Financial Corp, as well as $189 million from Blackstone Mortgage Trust. As of October, the Philadelphia-based firm has purchased 400 assets in 37 states, including an acquisition it announced in August — a 30,000 square foot site in the San Diego metro area.
Source: GlobeSt/ALM