New RXR Partnership Plans Over $2B in Residential and Real Estate Investments
RXR has expanded its partnership with the North Carolina Investment Authority. Under a new investment strategy, the two have formed a $500 million discretionary separate account.
RXR's capital solutions platform will provide structured equity for more than $2 billion of residential development and real estate projects across the nation. The focus will be on high quality product and long-term housing demand trends.
The investment strategy has already kicked off with a $64.25 million infusion into a multifamily redevelopment of the former Paradise Valley Mall in Phoenix, Arizona. The project, under the control of RED Development, is set to feature 327 units, with the expected completion occurring in 2027.
The strategy comes after the NCIA and RXR partnered to commit $475 million to the mixed-use project Veridea in Apex, North Carolina. The 1,100-acre site remains under development.
"Expanding our existing relationship with NCIA to form this new partnership allows RXR to scale our capital solutions investment strategy with a long-term, trusted institutional partner," Scott Rechler, chairman and CEO of RXR, said in a statement.
"Much like private credit, structured equity has evolved into a permanent component of financing the housing market. Together, we aim to partner with top sponsors, leverage our vertically integrated platform, and drive value through our operational expertise and flexible capital. The partnership's seed transaction in Phoenix exemplifies the transformative, community-focused investments this partnership is designed to support."
RXR, which has $16.4 billion of assets under management, has been active with restructuring office debt in Manhattan, as of late. Most recently, the developer struck a deal to refinance 450 Lexington Avenue for $407 million. Also, RXR landed a $1.45 billion recapitalization on the 1211 Avenue of the Americas building that houses Rupert Murdoch's major news brands, as reported by the Commercial Observer in October 2025.
Since 2023, the New York-based firm has completed more than 11 million square feet in Class A office recaps, translating to more than $5.4 billion in refinancings.
Source: GlobeSt/ALM