NexMetro Communities partnered with MEB Management Services in 2014 to manage the lease-up and stabilized operations of their Avilla Homes Arizona portfolio. NexMetro recently sold three Arizona communities for $98 million.
Avilla Grace in Chandler, Arizona, a 194-home neighborhood, sold for $45 million; Avilla Heights, also in Chandler, a 116-home neighborhood, sold for $27.84 million; and Avilla Palm Valley in Goodyear, Arizona, a 125-home neighborhood, sold for $25.1 million.
“We are thrilled to be a part of NexMetro’s success with the innovative approach to rental housing,” said Melanie Morrison, Principal at MEB Management Services.
Transaction details:
•Avilla Palm Valley: 4200 N. Falcon Dr., Goodyear; closed June 13; 125 homes, $200,800/door; buyer, New York-based RN Falcon, LLC.
•Avilla Heights: 255 E. Chandler Heights Rd., Chandler; closed June 25; 116 homes; $240,000/door; buyer, single purpose entity formed by California-based The Certe Group.
•Avilla Grace: 2121 N. Grace Blvd., Chandler; closed June 28; 194 homes, $232,000/door; buyer, entity of Illinois-based The Inland Real Estate Group of Companies, Inc.
NexMetro and its affiliated companies have been developing Avilla Homes neighborhoods with great success since 2010. These specialized Class A homes incorporate the perfect blend of a single-family feel with multi-family functionality.
With more than 4,000 homes completed, under construction, or in due diligence, NexMetro’s roots are in Arizona but the company is growing quickly with expansion planned along the entire Sunbelt region of the U.S.
