SOURCE: NexMetro Communities

NexMetro Communities

September 03, 2014 07:05 ET

NexMetro Expands Development in the Valley With Additional Leased Neighborhoods

Developer Acquires Goodyear Acreage in Palm Valley to Build Exclusive Homes for Lifestyle-Conscious Consumers

PHOENIX, AZ--(Marketwired - Sep 3, 2014) - Phoenix-headquartered NexMetro Communities, America's builder of next-generation leased-home neighborhoods in the Sunbelt region, announces the purchase of 9.7 acres at the northwest corner of Falcon Drive and Indian School Road in Goodyear, Arizona, signaling the start of aggressive development throughout Arizona and soon, Texas. The deal closed on August 22, 2014.

NexMetro principals, Ken Abrahams, Chairman of the Board and Josh Hartmann, Executive Vice President led the acquisition of the property and intend to develop it as a single-family home residential community in Goodyear, built exclusively for consumers who desire to lease instead of own. The community will be located within Palm Valley, a 9,000-acre, master-planned community located in Goodyear, Arizona, 20 miles west of downtown Phoenix and Sky Harbor International Airport. The neighborhood, named Avilla, will feature 125 homes with one, two and three bedroom floor plans.

Ground breaking is expected to be September 15, 2014. Avilla neighborhoods are already open in Chandler, with Phase 1 of Avilla San Marcos recently opening a 112-home neighborhood. Phase 2 of Avilla San Marcos is scheduled to open in September 2014.

"Goodyear is a growing, vibrant city and Avilla Homes is a great addition to our community. This project gives our diverse population -- including our military families -- quality housing options," said Georgia Lord, Mayor of Goodyear.

NexMetro and its affiliated companies have been developing Avilla Home neighborhoods since 2011 when the first neighborhood opened in Tucson. Evidenced by wait lists that formed soon after opening, Avilla's popularity spurred additional development with three more opening in 2011-2014. Arizona cities, Chandler and Goodyear, and soon other Sunbelt cities such as Dallas suburbs, McKinney and Sachse, are being targeted as ideal locations for this hybrid concept. Avilla Homes are a "hybrid" because they incorporate the best of both single-family and multi-family residential projects. The 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 lists of consumer demands. With nearly 1,300 homes already completed or currently under construction, NexMetro has embarked on an aggressive plan to build six neighborhoods in 2014 with ten to twelve more in 2015 and 2016.

"Out of the many sites we researched for future development for Avilla throughout the Sunbelt, Goodyear, featuring the Palm Valley master-planned community, was the next logical location for us to build, as it is primed to provide the lifestyle that consumers are seeking," says Josh. "Goodyear continues to be one of the fasting growing submarkets in Phoenix and the demographics lend themselves well for an Avilla neighborhood."

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.

Contact Information

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