A Phoenix-based developer announced the sale of a build-to-rent community along Deer Valley Road in northern Phoenix for $ 37.2 million. The developer, NexMetro Communities, announced the sale of the single-family home project Avilla Homes – a transaction that, according to official data, represents “a record milestone in the long-term value” of the Avilla brand for single-family homes in the Valley. The sale ended on October 29th. Officials said units in the 89-home Avilla Paseo community sold for approximately $ 418,000 each – more than double the company’s first asset sale in the Phoenix area, which occurred in 2018, according to a press release. In June 2018, the sale of a similar Goodyear community brought in less than $ 200,000 per unit, the press release said. The last sale property is located at 3425 W. Deer Valley Road, Phoenix. The project was sold to Logan Capital Advisors of San Diego. “This NexMetro sale further validates the tremendous value in the market for the higher quality rental experience that makes Avilla Homes such a unique alternative to typical apartment rental,” said Richard Van Wert, Chief Investment Officer of NexMetro Communities. The press release states that NexMetro has approximately 7,000 completed, under construction, or under development homes in several markets across the country. According to the press release, the company “normally” intends to keep most of its Avilla Homes projects on hold for longer term operations. NexMetro has additional neighborhoods in Denver, Dallas, and Tampa. The growing trend towards specialized single family home rentals is accelerating given the tight supply of homes for sale in the Valley real estate market. Developers like Nex-Metro and Christopher Todd Communities are taking the opportunity to meet the growing demand from people renting a detached apartment rather than a 30-year mortgage. In the Christopher Todd Communities, rental apartments have granite countertops, stainless steel appliances, upgraded closets and energy efficient double pane windows, as well as a dog door and an enclosed private garden. All homes are equipped with satellite TV access, smart home technology including keyless entry, air conditioning, doorbell camera, lighting and security cameras. Jacque Petroulakis, NexMetro’s executive vice president of marketing and investor relations, said the company sees “significant demand” for its product in Phoenix. She said consumers in the Avilla Homes neighborhoods are a “very diverse” mix of professional millennials who want flexibility to change jobs or those who are at a stage in life like divorce. Baby boomers who simplify their lives or their retirement also take advantage of the communities. The neighborhoods usually have very few children, ”she said. “These are mostly tenants,” said Petroulakis. “You have the change to buy, but you choose the rent that best suits your lifestyle. And all of these consumers find the stress-free lifestyle of 24-7 maintenance very appealing. ”NexMetro continues to grow. The company has plans for Avilla Vista Norte – another 191-unit shared apartment near Anthem. Construction work is scheduled to begin in 2022. The development will be on Interstate 17 between the Old West Trail and Circle Mountain Road near the Anthem border. According to NexMetro officials, this development on 16.8 hectares should be ready for occupancy at the end of 2023 or beginning of 2024. Keen to capitalize on the new company, the new owners of the Deer Valley Property have cited the Taiwan Semiconductor Manufacturing Co. factory as a growth driver. “We’re excited about doing business in north Phoenix with the construction of TSMC’s new $ 12 billion semiconductor plant just seven miles from Avilla Paseo,” said Ruben Islas, a founding partner of the company from San Diego. “We also love single-family houses.” Brent RuffnerReporter | Hymn & Phoenix | bruffner@iniusa.org Brent Ruffner has been fascinated by journalism since junior high school. His stories have been featured in newspapers from Albuquerque to Arizona since 2001, and he has always had a knack for making sure his facts are correct and his words get to the point. Growing up, Brent watched sports reporters cover his beloved Phoenix Suns, a team he has followed since Charles Barkley came to Phoenix via trade in 1992. Back then, sports coverage was a dream. But after gaining some writing experience, Brent found a penchant for news rather than various sports. In 2008, he moved to New Mexico reporting on crime, schools, and city strikes while holding elected officials accountable. He shared stories that ranged from a DEA drug explosion gone wrong to an award-winning story about lunch at school. Based in Arizona, Brent was a freelance writer who covered everything from the importance of citrus in the state to Esteban who owned a business in downtown Prescott. Brent graduated from Arizona State University’s Walter Cronkite School of Journalism and Mass Communication in 2007. Twitter: @AzNewsmedia
[ad_2]
