Mar 6 2015
Phoenix-headquartered NexMetro Communities, America's builder of next-generation leased-home neighborhoods, announces the purchase of 15 acres at the northeast corner of Warner Road and Grace Boulevard, just west of Arizona Avenue, in Chandler, Arizona, where it plans to develop 194 homes.
The development will feature one, two, and three bedroom floorplans and continues the developer's charter of building single-family, detached homes for lease that cater to lifestyle-conscious consumers. The deal, which closed on March 2, is part of NexMetro's aggressive growth strategy for 2015.
The acquired property is less than two miles from Chandler's Downtown District, and nearby to Gilbert's Heritage District, both of which have undergone extensive redevelopment initiatives in the last several years. With only two multi-family properties constructed in the area over the last 11 years, the construction of the new Avilla Homes neighborhood is expected to be a significant catalyst in the community's revitalization, attracting higher-income residents seeking a quality lifestyle.
Ground breaking is expected to occur in April, and homes will be ready to lease at the end of 2015. Another Avilla neighborhood in Chandler, Avilla San Marcos, opened in two phases in 2014, and today has 257 homes located at Alma School and Pecos Road.
"The City of Chandler is excited to see a project that is consistent with the recommendations of the Mayor's 4-Corner committee to redevelop older, challenged commercial space," said James Smith, Economic Development Program Manager. "The Avilla Grace development fits our strategy of bringing increased density and activity to intersections with underperforming commercial space. The influx of new residents will help support the remaining commercial space and provide density on an important transit corridor."
NexMetro and its affiliated companies have been developing Avilla Home neighborhoods since 2011 when the first neighborhood opened in Tucson. Construction is currently underway in Goodyear at Avilla Palm Valley where 125 homes are expected to be available for lease this spring. Additional development in Arizona is scheduled throughout 2015 with four new neighborhoods planned in Chandler, Gilbert and Queen Creek. The company is also actively developing in other Sunbelt cities such as the Dallas suburbs of Plano and McKinney.
"It's rewarding to see that our projects, including the Avilla Grace neighborhood, are highly anticipated, and even more so knowing that there is potential to bring a real vibrancy to an area previously considered undesirable. Avilla Grace not only provides consumers with a worry-free lifestyle that allows them to enjoy the luxuries of home ownership without the burdens, but also enhances quality of life with close proximity to employment, entertainment and shopping districts, " said Josh Hartmann, Executive Vice President, NexMetro.
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 over 1,500 homes already completed or currently under construction, NexMetro has embarked on an aggressive plan to build eight Avilla Home's neighborhoods in 2015 throughout the Sunbelt. For detailed information about Avilla Homes, go to www.avillahomes.com or call 844-818-4505.
About NexMetro
NexMetro and its affiliated companies have been developing Avilla Home 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 www.nexmetro.com.
Source: http://www.nexmetro.com/