Southwest Developer to Launch Nine New Properties with Loan
Phoenix, AZ (January 18, 2016) – Phoenix-based NexMetro Communities, America’s builder of next-generation, leased-home neighborhoods in the Sunbelt, announced today the purchase of two development sites in the East Valley of the Phoenix metro area.
Both property acquisitions, which were finalized in late August of 2015, are part of NexMetro’s aggressive growth strategy for 2015 and 2016 throughout Arizona and Texas. The projects will begin vertical construction in October and November 2015, respectively. The 13.9-acre site of Avilla Town Square on the northeast corner of Warner Road and Gilbert Road, in Gilbert, will develop into a 154-unit luxury rental-home neighborhood. The 9.55-acre site of Avilla Heights on Chandler Heights Blvd., just east of Arizona Avenue in Chandler, will be the future site of 116 single-family rental homes. Both developments will feature one-, two- and three-bedroom floor plans and continue the developer’s charter of building single-family, detached homes for lease that cater to lifestyle-conscious consumers.
“As the housing market tends to ebb and flow, consumers have made it clear that they like the flexibility that comes with renting vs. owning,” said Josh Hartmann, NexMetro’s executive vice president. “Our rental properties offer a wide variety of benefits to scrupulous consumers, and we only see that demand increasing throughout the Southwest.”
Renters may choose from one-, two- or three-bedroom floor plans ranging in monthly rental rates from $985.00 for a one bedroom up to $1,600.00 for a three bedroom. Unique amenities to the property will include private backyards, reserved covered parking and optional garages, low-E glass windows, stainless-steel appliances, granite counter tops, resort pool and a gated entrance to the community.
Additional developments in Arizona are scheduled throughout 2015 with four new neighborhoods planned in Chandler, Gilbert and Queen Creek. The company is also actively developing in other Sunbelt cities.
About Avilla Homes
NexMetro’s Avilla Homes neighborhoods signify a new breed of residential offerings that are considered a “hybrid” because they incorporate the best of single-family and multi-family residential projects. Avilla Homes are single story and detached with private back yards, similar to single-family homes, but the homes and landscape are maintained by the property management company as is typical for multi-family properties. Leased instead of owned, Avilla Homes allow residents to live like homeowners without the burdens of home ownership.
Known as an innovator in creating non-traditional leased-living neighborhoods, NexMetro’s responsiveness to today’s housing market demands was prompted by demographic studies that indicated that consumers—from Millennials to Baby Boomers—are increasingly searching for upscale living choices that don’t require a mortgage since flexibility and convenience now top the list of consumer demands. With more than 1,500 homes already completed or currently under construction, NexMetro has embarked on an aggressive plan to build eight Avilla Homes neighborhoods in 2015 throughout the Sunbelt. For detailed information about Avilla Homes, go to avillahomes.com or call 844-818-4505.
NexMetro and its affiliated companies have been developing Avilla Homes neighborhoods since 2010 to satisfy an underserved segment of the housing market that demands a higher quality leased-living experience. NexMetro meets that need with a new hybrid housing option that combines the elements of residential single-family living with apartment-like rental terms and management to provide consumers the best of all worlds. NexMetro is focusing development in select Sunbelt markets.
NexMetro’s executive team is comprised of experienced business, real estate and finance leaders—all of whom share a long-term vision for meeting the growing demands of a new consumer. For detailed information on NexMetro, visit nexmetro.com.
iStar (NYSE: STAR) finances, invests in and develops real estate and real estate related projects as an adaptive investment company, bringing uncommon capabilities and new ways of thinking to commercial real estate. Building on more than $35 billion of transactions, including $10 billion of residential projects over the past two decades, iStar is one of the largest investors in luxury condominium, multifamily and master-planned residential developments in the U.S. Structured as a real estate investment trust (“REIT”), its portfolio is diversified by asset type, property type, geography and obligor, with a focus on larger assets located in major metropolitan markets. Additional information on iStar is available on the Company’s website at www.iStar.com.