Blue Owl Provides $150M to Alterra in 1st IOS Investment
This facility is backed by 21 properties across multiple infill markets.
Alterra IOS has received a $150 million loan facility from alternative investment asset management company Blue Owl Capital, which has a strong presence in the data center market.
This represents Blue Owl’s first investment in the industrial outdoor storage market and marks another example of continued momentum across industrial real estate trends. It will support Alterra’s continued growth through acquisitions made on behalf of Alterra IOS Venture III, a close-end fund with $925 million in equity commitments.
The loan is backed by 21 properties across 12 states as initial collateral. In prepared remarks, Jesse Hom, chief investment officer for Blue Owl’s Real Assets platform, shared that the company has chosen to invest in resilient sectors and collaborate with leaders in these markets. The facility includes 106 usable acres in infill markets such as Dallas-Fort Worth, Houston, Phoenix, Atlanta and more, which are high-performing markets for this type of property.
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Alterra’s assets serve a variety of companies across multiple industries, including firms that store equipment, vehicle fleets, building materials, retail inventory and more. Alterra continues to be a leader in this sector, with over 400 properties acquired between 2017 and October 2025.
Newmark’s Nick Scribani and Jordan Roeschlaub represented Alterra in the financing.
High levels of funding in 2025
This transaction comes after multiple large funding deals this year. The company has raised over $1.5 billion between Alterra IOS Venture II, which closed with $524 million, and Alterra IOS Venture III. In January, Blackstone provided Alterra with a $189 million loan for the Alterra IOS Venture III. The financing backed 49 IOS properties in 22 states.
This summer, Truist Financial Corp. and Bank of Montreal originated a $343.6 million loan for Alterra IOS Venture II. The capital refinanced three maturing loans secured by 64 IOS properties across 22 states.
Alterra’s portfolio expansion
In July, the company also purchased a 12-property, 165,000-square-foot Class A warehouse portfolio for $67 million. The assets are located across major metros such as Phoenix; Austin, Texas; Raleigh-Durham, N.C; Tampa, Fla.; and Sacramento, Calif. The properties are leased to Herc Rentals and H & E Equipment Services.
Last week, Alterra expanded its portfolio with a new acquisition in the Eastern Inland Empire, in Riverside, Calif. The transaction included 1595-1600 Columbia Ave., a 13.89-acre site that houses 13 structures and 54,583 square feet of building improvements. Greenlaw Partners previously owned the property and is 100 percent leased to a large privately held building materials supplier.
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