Scottsdale-based AV Homes and JEN Partners, a New York City-based residential investment company, through a newly formed entity, acquired 527-acres at Eastmark, DMB Associates’ newest large-scale integrated community in Mesa.
AV Homes’ investment was $18.6M; JEN Partners investment was $13.6M.
AV Homes will control 310 acres on which it plans to build approximately 1,000 homes under its Vitalia active adult brand. JEN Partners plans to develop the remaining 217-acre into a gated executive club community where it will sell approximately 550 developed home sites to a select group of luxury home builders.
AV Homes Executive Vice President Carl Mulac said the opportunity to be associated with Eastmark gives the company strong positions in both the East and West Valley active adult markets.
“Eastmark is clearly one of the best development locations in the region. As the local home building industry continues to improve, we will be well positioned to serve active adults in two proven markets,” he said.
The company is currently building at its CantaMia active adult community located in the West Valley’s Estrella master-planned community.
Mulac said the company is developing its plans for new housing product and the community amenities at Eastmark. He noted that the new active adult community will include an extensive open-space/trail system in lieu of a golf course as there are numerous public courses in the area.
Pending entitlements, groundbreaking for the active adult community is expected to occur in early 2014 with the first home closing anticipated in late 2014. This will follow the grand opening of Eastmark in May of 2013.
Phoenix-based TerraWest Management Company will manage entitlement and land development activities on behalf of the companies. TerraWest’s Managing Member Mike Jesberger said that JEN Partners’ executive club community will be attractive to executives who are employed at a growing number of companies that have established, or are establishing operations in the nearby area.
“We are planning a community that will offer an exceptional lifestyle opportunity and luxury homes from some of the Valley’s most distinguished builders.” Jesberger said. The timeline for development of the executive club mirrors that of the active adult community, and Jesberger noted that he is currently in negotiations with a number of possible homebuilding partners.
“In researching the growth of this market and the demographics of the area, we recognized early on the opportunity to bring a new active adult community to Eastmark. This phase of the development will enhance our vision for an integrated, vibrant community,” said Dea McDonald, Senior Vice President of DMB Associates and General Manager of Eastmark.
“We have always envisioned the addition of an executive enclave at Eastmark. Our proximity to so many employers and to a world-class airport makes this a desirable location for this kind of community.”