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.
The project is expected to be online by summer 2025.
Read MoreTo be built in Glendale, Ariz., the property will offer cottage-style, build-to-rent residences.
Read MoreApr 17, 2024Susan Barreto Alternatives Watch
New trends in real estate meet high-net-worth investors’ need for alpha in a new fund recently launched by NexMetro Communities, a real estate developer of high-end multi-family build-to-rent communities.
The firm is offering a “niche that is needed and in high demand,” said Greg Fedorinchik, managing director of equity capital markets at NexMetro.
Fedorinchik recently made the switch to the real estate asset class after decades in the hedge fund industry, most recently at Chicago-based fund of hedge fund businesses Evanston Capital and Mesirow. Now he has been learning about the capital-intensive industry that requires years from inception, financing, construction to occupancy.
The NexMetro Direct Access Fund 2024 was launched in recent weeks with roughly $40 million and the team is targeting $75-$100 million that will be invested across multiple projects with a low investment minimum of $250,000.
The investment focus is on the fastest-growing metro areas with developments in Arizona, Colorado, Texas, Georgia, Florida and South Carolina. The geography is reflective of the migration trends in the U.S. and areas where the shortage of housing is acute. And the Phoenix-based firm relies on data-driven analysis on both macro and micro market trends.
The case for Build-to-Rent
After offering pooled investments on specific projects over the years, the move to offer a dedicated fund is distinct, but comes at a time when the need for housing is greater than the development underway. Fedorinchik said that in his research prior to joining the firm, he found reported shortage of three to five million units nationwide. The housing shortage is greatest among millennials and Gen Z and interestingly in the over 55 set eager to explore new rental opportunities in the Sunbelt.
The post-COVID migration to the Sunbelt is one trend, but the problem of higher down payments is another as is the fact that in some metro areas mortgage payments are $1,000 per month higher than rent. For developers, the issue of increased financing costs has complicated local markets as development is stalled, according to Fedorinchik.
For NexMetro, there has been a growing opportunity set to step in if a project is stalled and help push it across the finish line.
“Rent is going to grow, due to housing affordability being where it is,” Fedorinchik added.
NexMetro typically achieves 7-17% rent premiums over traditional multi-family developments, likely because they offer resort style amenities in what they call “cottage-style multi-family” communities. These one-to-three-bedroom rentals offer high ceilings and amenities such as pickle ball courts.
The geographically diverse fund is targeting a five-year lifespan with a 15-20% IRR to fund, and 1.6x to 2.0x multiples.
The strongest case for Fedorinchik’s entrance into a new asset class may be historical rental statistics. He noted that nationally rents have risen 3.9% on an annualized since the end of WWII. And more enticing yet, rents have never decreased over any three-year period. And those are some numbers the team at NexMetro thinks it can build on.
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.
To learn more Click Here.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 2012 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.
To learn more Click Here.Mar 07, 2024Phoenix Business Journal
Jacque Petroulakis has been promoted to Chief Communications Officer at NexMetro. She is an essential partner in corporate communications, marketing initiatives, and brand strategy. Starting in investor relations, Jacque has been with NexMetro for seven years and brings a wealth of experience spanning over 30 years. Her insights and expertise are vital in driving NexMetro's strategy forward as the company has grown from a single market in Phoenix to servicing six markets nationwide. Representing NexMetro as the proven leader in the space, Jacque has served as a BTR industry expert and influencer while embodying the values that define NexMetro. She has set the tone for company culture by aligning her actions with the mission, vision, and core principals of the company, and supports its positive work environment by fostering collaboration, driving innovation, leading by example, supporting diversity initiatives, and empowering the team to contribute to the company’s long-term success.
Education
University of Arizona (Tucson, AZ)
Bachelor's degree
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.
To learn more Click Here.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 2012 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.
To learn more Click Here.Jan 24, 2024By Brad Hunter, Forbes
The blazing-hot pace of construction in the build-to-rent (”BTR”) segment of housing is slowing down sharply. But it is not for a lack of demand from consumers. Rather, the slowdown is a reflection of a “capital crunch” for new construction.
Shortly after interest rates started rising sharply in 2022, the amount of capital seeking BTR deals was drastically reduced. The debt side worsened before the equity side; the harbinger was the failure of Silicon Valley Bank and Signature Bank. Banks’ earnings experienced sudden increases in funding costs, and profitability pressures mounted amid the Fed’s tightening of monetary policy. Less profit and lower deposits meant less “excess reserves,” which in turn meant less money available to loan. Since then, the equity component has also been more limited, but the most common descriptor of the equity’s stance is “selective.” That is a euphemism for “some deals that worked on paper last year don’t pencil out this year.”
Meanwhile, the demand for these communities remains strong. Young householders who want a single-family lifestyle, but amid mortgage rates are more than ever forced to look for a rental. Up until a few years ago, the only rental options were apartments, or the one-off single-family rental home. Now, with the newly-emerging BTR trend, these households also have the option of renting within a cohesive, purpose-built, professionally-managed BTR community. And for the past ten years, they have been filling up as fast as they could be built.
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.
To learn more Click Here.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 2012 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.
To learn more Click Here.The project is expected to be online by summer 2025.
Sep 20, 2023By Jackson Chen, Multi-Housing News
NexMetro Communities and Mosaic have begun construction on a 224-unit apartment project in the Austin suburbs. Avilla Berry Creek will be located in Georgetown, Texas, and is expected to be online in summer 2025.
The cottage-style apartment community will offer one-, two- and three-bedroom units ranging from 690 to 1,265 square feet. The apartments will be built with private backyards and front patios, while the community’s amenities will include a pool, clubhouse, community garden, dog park and open space areas.
Located at 1101 Bch Way in Georgetown, Avilla Berry Creek will be near Interstate 35, providing for an approximately 35-minute commute to Austin. Residents will also be less than 10 miles away from Georgetown’s central business district, which offers several restaurant and retail options.
Kyle AuBuchon, managing director at Mosaic, said in prepared remarks that Austin has been seeing two percent year-over-year population growth over the last decade, but residential development has not kept up with that pace. Meanwhile, he noted, people are being priced out of buying homes due to increasing interest rates.
Staying active in Arizona
While NexMetro and Mosaic have worked together in the past, Avilla Berry Creek represents the first project in the Austin metro for both companies. NexMetro and Mosaic previously partnered to develop Avilla Palomino, a 197-unit build-to-rent community in Glendale, Ariz. Construction on that project began in August, with plans to deliver in summer 2024.
Mosaic has been active in the Arizona multifamily market and has worked with other partners on its residential projects. In December 2022, Mosaic partnered with Atlantic Jasper and broke ground on The Flats at Jasper, a 240-unit build-to-rent project in Prescott Valley, Ariz. Earlier this year, Mosaic and its development partner Family Development started preleasing for Town Germann, a 209-unit luxury townhouse community in Gilbert, Ariz.
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.
To learn more Click Here.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 2012 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.
To learn more Click Here.Sep 07, 2023Telemundo Noticiero Arizona
CLICK HERE to Watch the Segment
NexMetro Communities Executive VP, Marketing and Investor Relations Jacque Petroulakis recently gave a live, on-camera interview with Telemundo's Paola Morales on the Noticiero Arizona television show to promote the "Fill An Avilla" Community Water Drive to our Spanish-speaking community. The water drive, which ran from August 7-September 7, benefits St. Mary's Food Bank in their efforts to distribute more than 1 million water bottles at emergency hydration centers throughout the Valley.
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.
To learn more Click Here.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 2012 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.
To learn more Click Here.Aug 30, 2023AZ Business Magazine AZ Big Media
Arizona has a homelessness crisis and members of the Arizona Multihousing Association are coming together to launch the Arizona Housing Fund Application Donation program, a voluntary initiative to help fund more affordable housing for those who need it most. Participating multifamily property owners and management companies are donating $5 for every lease application they receive to the Arizona Housing Fund, housed at the Arizona Community Foundation. Residents may also round up their monthly rent to the nearest dollar or donate a specific amount to the Arizona Housing Fund within their online payment portal. Every dollar donated will support established nonprofits dedicated to building more affordable housing options for the state’s most vulnerable populations, including seniors, veterans, and those suffering from mental illness.
“We have far too many people in our state who are living unhoused,” says Arizona Housing Fund Advisory Committee Member and the developer of the FOUND:RE Phoenix Hotel, Portland on the Park condominiums, and the ECO PHX and ECO MESA sustainable apartment communities, Tim Sprague. “The multifamily industry is in the business of housing, and this program creates a sustainable source of funding for affordable housing projects with support services that will help people get off the streets permanently.”
The collaborative effort between The Arizona Multihousing Association (AMA) and the Arizona Housing Fund program was first piloted by NexMetro Communities, the nation’s leading developer of single-family rental neighborhoods. In 2022 and Q1 2023, NexMetro donated over $21,000 from application fees and individual resident donations to the Arizona Housing Fund.
“We’re in the shelter business," says NexMetro Communities CEO Josh Hartmann, “and supporting nonprofits to build more permanent affordable housing in Arizona aligns perfectly with our core values. Our partnership with the Arizona Housing Fund is a way for us to give back to our community in a meaningful way as a neighborhood developer.” Hartmann said it was important to NexMetro to not only support AHF as a company, but to create a vehicle to educate the public about the giving opportunities. “Our Avilla Homes residents really love that there’s an opportunity for them to give back to their community. Our goal was to make it easy for them to support the great work of the Fund in reducing the number of people experiencing homelessness.”
P.B. Bell is among the AMA members participating. “Tim gave me a call regarding this program, and we jumped at the chance to participate,” says P.B. Bell CEO R. Chapin Bell. “As of August 1, P.B. Bell residents at participating communities are able to make a donation when paying their rent.”
“Helping residents find homes and stay in their homes is what makes the Arizona housing industry tick,” says Courtney LeVinus, the President and CEO of the Arizona Multihousing Association. “This creative partnership will make a tangible difference to people struggling to meet their rent, and it gives everyone who wants to help solve our state’s rental housing crisis a simple, actionable way to help individuals and families in need.”
To learn more about the fund, or to make individual contributions, please visit arizonahousingfund.org.
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.
To learn more Click Here.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 2012 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.
To learn more Click Here.To be built in Glendale, Ariz., the property will offer cottage-style, build-to-rent residences.
Aug 28, 2023By Gail Kalinoski, Multi-Housing News
Mosaic and NexMetro Communities have broken ground on Avilla Palomino, a $63 million, 197-unit single-family rental home community in Glendale, Ariz., expected to deliver next summer. It is Mosaic’s third project to break ground in the last 18 months and the 24th project for NexMetro in the Phoenix area.
The cottage-style SFR community will be located at 5023 W. Peoria Ave. and help alleviate the shortage of high-end rental home options for families and individuals in the rapidly growing Phoenix metro. The community will have one-, two- and three-bedroom options in duplexes and single-family detached homes ranging in size from 690 to 1,265 square feet. The properties will have private backyards and front patios. Amenities at the 18-acre site will include a resort-style pool and spa, shaded pavilion, outdoor barbecues, open space areas and a dog park with dog wash station and pet fountains.
Growing SFR Portfolios
Jared Geisler, managing director for NexMetro’s Arizona division, said in a prepared statement it is the first community the Phoenix-based company has built in Glendale. An industry leader and pioneer in the build-to-rent sector, NexMetro has partnered with numerous affiliated companies to complete or begin development of more than 50 Avilla Homes neighborhoods in key Sunbelt locations including Phoenix; Dallas; Denver; Atlanta; Tampa, Fla.; and Austin, Texas. NexMetro and Mosaic, a Phoenix-based residential general contractor, plan to continue their collaboration with additional BTR communities in Texas and Arizona. Mosaic is slated to break ground on a 224-unit BTR community in Austin for NexMetro this month, according to the Phoenix Business Journal.
Mosaic, also a BTR industry leader, is currently building more than 450 units in the Phoenix metro. The Mosaic team’s combined experience spans more than 20,000 BTR units across 100 communities. In addition to Arizona and Texas, the firm operates in multiple states including Colorado, Idaho, California and Florida.
In December 2022, Mosaic partnered with Atlantic Jasper and broke ground on The Flats at Jasper, a 240-unit BTR project in Prescott Valley, Ariz. The development was the first BTR project within the Jasper master-planned community and will span more than 26 acres at completion in 2025.
A month earlier, Mosaic and partner Family Development began construction on Town Germann, a 209-unit BTR community in Gilbert, Ariz. The first units were completed in March and Family Development started preleasing in the spring.
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.
To learn more Click Here.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 2012 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.
To learn more Click Here.Aug 25, 2023By Brad Hunter, Forbes Magazine
There are two product types that are gaining share within the built-for-rent single-family (”BTR”) space, being 1) horizontal apartment communities, and, 2) townhome communities. These are the two categories of BTR that are growing fastest, evidenced by the numbers of units reaching completion, and also based on our book of market study business. Of course, traditional single-family developments (full-sized homes on individual lots) are coming out of the ground in large numbers as well, but the fastest growth right now is in these two “denser” categories.
The exhibit below shows the top ten markets ranked by the number of horizontal- apartment units delivered since 2016 (as of mid-2023). These kinds of rental units are usually marketed as “cottages,” and they offer two main advantages over traditional apartments: private outdoor space for each unit, and few or no shared walls.
The exhibit below shows the ranking of the top markets for BTR townhomes, which comprise another popular and rapidly-growing segment for rentals. Townhomes have comprised more than 35% of our BTR market study work. They differ from horizontal apartments in that they are not detached, but they often have garages, which appeal to many renters (and they usually offer more interior space as well).
Phoenix and Dallas-Fort Worth are the leaders, followed closely by Atlanta on the townhome ranking. Only a couple of Florida markets made the Top 10, as the wave of BTR is only now rising in the Sunshine State (but a lot more are planned for the next 12 to 24 months, as our studies indicate).
Toward the end of this column, I’ll mention some of the medium-sized markets that are starting to see a lot of activity, including Nashville, Huntsville, Orlando, Las Vegas, and Greeley, Colorado. Let’s look at a couple of the established/mature BTR markets first.
Phoenix: Where It All Began
We’ll start with the 900-pound gorilla that was the birthplace of BTR: namely, Phoenix. Phoenix has seen the most activity in the entire country with built-to-rent development since the very beginning, particularly the horizontal-apartment type.
The BTR business started out in Phoenix, born out of the distress of the Great Financial Crisis. Immediately after the GFC, investors were able to aggregate plenty of supply from foreclosures, but by 2012, they had exhausted much of that supply, and started to build whole new communities of homes for rent.
Increased competition has pushed vacancy rates higher in the three categories of rentals we are discussing here, as shown below, though the comparison between the second quarter and the fourth quarter does run into some seasonal differences. The increase in vacancy rates is fairly moderate so far, considering that Phoenix has been adding new head-to-head-competitive projects for years now. Market analysis is necessary case-by-case to determine the feasibility of BTR in any submarket in this market.
With the addition of thousands of units of a similar type (plus a large number of traditional apartments still under construction), it is important for developers in this market to consider the quality of their location relative to better-located existing rentals. This will be crucial as we head into 2024. Looking within the Phoenix market, the West Valley has been the locus of the largest share of construction activity, with strong performance being measured so far in Glendale, Peoria, Goodyear and Surprise. According to CoStar’s data, since 2016, about 35% of new multifamily builds in the West Valley have been for horizontal apartments, compared to about 13% for Phoenix overall.
Dallas-Fort Worth: Rapid Recent Expansion
The northern reaches of the Dallas metro area in particular are attracting a large amount of built-for-rent (BTR) development. Data from CoStar show that 1,056 horizontal multifamily units were completed since 2016 in the North Dallas submarket, which makes it one of the busiest submarkets in the country for this product niche. While this might sound like a lot of new residences, let’s put it into perspective:
1) The areas north of Dallas have seen a steady and strong in-migration for years, and the flow of people moving from California has only added to the demand here.
2) The 1,056 units have been delivered over a 6 and a half year period. If you divide that into years and then into months, that averages out to only 13.5 per month, which is about the absorption pace of one or two typical-sized BTR projects.
3) BTR projects there are doing very well, typically at 95%-98% occupancy, based on field work by Hunter Housing Economics.
So the demand is there to absorb the units that are being delivered. And the rents are often in the range of $2,500-$3,000 per month, averaging 17% above class-A apartments in the area.
Several BTR developments have either been developed, are in the process of being constructed, or are in planning stages. Many of these communities have well-known industry developers, including; Canvas, BB Living, and NexMetro/Avilla. There will be two incoming BTR units in the Painted Tree community (Avanta and Cyrene) which are expected to produce 580 units between the two communities, with delivery beginning in 4Q 2023.
Taylor Morrison has entered the Dallas market in a big way, with 7 projects under way in that metro area through their Yardly brand. In north Dallas, they have projects in Denton, Celina, Anna, and Melissa.
In all there are 3,839 horizontal apartment units and 1,414 rental townhome units under construction in the Dallas-Fort Worth market area.
In an interesting contrast between DFW and Phoenix, only 4% of the multifamily construction in DFW is of the horizontal variety, compared with 13% in the Phoenix market. This tends to suggest that Dallas has a longer potential runway ahead of it than Phoenix before it starts to show any signs of over-saturation in this product type.
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.
To learn more Click Here.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 2012 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.
To learn more Click Here.Aug 21, 2023Mike Boyd ConnectCRE.com
NexMetro is helming its 24th metro Phoenix build-to-rent project. Mosaic is the general contractor on Avilla Palomino, 197 cottage-style apartments on 18 acres at 5023 W. Peoria Ave in Glendale. The $63 million project is expected to be completed next summer.
The rental units at Avillo Palomino will include single-family detached homes and attached duplexes ranging from 690 to 1,265 square feet. Amenities will include a resort-style pool and spa, shaded pavilion, outdoor barbecues, open space areas and a dog park that will include a dog wash station and pet fountains. NexMetro’s Jared Geisler added, “There is high demand for our Avilla Homes neighborhoods by people seeking a new home lifestyle with a lease and full maintenance.”
Mosaic and NexMetro Communities plan to continue their collaboration with additional build-to-rent communities in Texas and Arizona.
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.
To learn more Click Here.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 2012 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.
To learn more Click Here.Aug 09, 2023By Jess Hardin, Fort Worth Star-Telegram
NexMetro is bringing two more “built-to-rent” communities to North Texas. In the last month, the Richardson-based company closed on two sites, one in Anna to the north of McKinney, and the other in Cleburne to the south of Fort Worth. Both are slated to open for leasing in late 2024. Meanwhile, NexMetro will open its 15th community in Dallas-Fort Worth before the end of 2023. Avilla Boat Club will feature 107 rental homes about 25 minutes from downtown Fort Worth off Robertson Road.
“Consumers are increasingly choosing to rent but don’t want to sacrifice the lifestyle of a home that they’ve worked to achieve,” said Steve Fritzer, managing director for NexMetro’s DFW division, in a news release. The company has been building rental homes in the Metroplex since 2017, starting in Plano. In the last six years, NexMetro has built nearly 3,000 single-story homes with one to three bedrooms. Avilla Homes in the Metroplex range in price from about $1,500 to $4,400 per month. Avilla residents have an average annual household income of $134,000, the company says.
The built-to-rent trend has proliferated throughout the Metroplex, especially in the last few years as the pandemic pushed renters to seek more space. In fact, Dallas-Fort Worth leads the nation in number of built-to-rent homes, with 2,773 units completed in 2022, according to a RentCafe report.
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.
To learn more Click Here.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 2012 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.
To learn more Click Here.