PHOENIX (Jan 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 countertops, 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.
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.ISTAR
A truly unique alternative to the typical rental experience, Avilla Homes neighborhoods feature single level, detached homes for lease in a gated enclave. The one, two and three-bedroom floor plans feature private entrances, outdoor patios and backyards, along with high-end finishes such as 10' ceilings, granite/quartz countertops, stainless steel appliances and more. The pet friendly communities offer the perks of neighborhood living with optional garages, resort-style pool, beautifully landscaped recreation areas, and even an electric car charging station - all maintained by a professional management company, without mortgage payments or HOA fees.
NexMetro Communities is an innovative development company focused on building luxury leased home neighborhoods that serve lifestyle conscious consumers seeking a new home experience without the burdens of a mortgage. In partnership with its affiliated companies, NexMetro has developed Avilla Homes neighborhoods since 2010 in key Sunbelt locations. Combining elements of residential single-family living with rental terms and management, NexMetro provides a growing market niche of consumers a leased home experience like no other.Visit NexMetro's Website