Phoenix BTR developer NexMetro enters Atlanta market

Sep 27, 2024by John Yellig Atlanta Agent Magazine

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Phoenix-based build-to-rent developer NexMetro has entered the Atlanta market with a new project in South Fulton County called South Pine.

Located at Oakley Industrial Boulevard and Oakley Road, it encompasses 34 acres and will comprise 193 attached townhomes with private backyards. The two-story units will have one-car garages and be available in two floor plans ranging from 1,332 to 1,483 square feet.

The community is gated and fully fenced. Amenities include onsite management and leasing offices, a pool, outdoor grilling area and pavilion, fire pit, tot lot, dog park, sports court and 24-hour emergency maintenance.

Atlanta-based Jim Chapman Construction Group is the general contractor. Land development for the project in late July 2023, and the first move-ins are expected to begin later this year and go into the summer of 2025.

NexMetro has communities in Phoenix, Dallas-Fort Worth, Austin, Denver and Tampa. It has other Atlanta sites in the development pipeline.

Creating BTR Communities for the Workforce

Despite surging costs, some developers are focusing their strategy on the missing middle.

Sep 06, 2024By Jordan Mann Multi-Housing News

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Today’s economic realities make it especially challenging for built-to-rent home developers looking to build a no-frills product for the cost-conscious renter. We’re talking about communities that appeal to moderate-income renters but don’t qualify for Low-Income Housing Tax Credits or other incentives. The market exists, but so do the challenges.

The BTR and SFR markets are still going strong. A recent study from the National Association of Home Builders shows that, in the past four years alone, single-family rentals have doubled their share of new housing starts—from representing 4 percent of new starts in 2020 to 8 percent this year.

Jacque Petroulakis, chief communications officer for NexMetro, pointed to the growth of the SFR market as a sign of things to come in neighborhoods that have strong demand drivers such as solid job and household income growth and high occupancy rates.

Multi-Housing News found some developers who are crunching the numbers to make the SFR concept work for a broader swath of the renter community. Here are some of their cost-saving strategies.

Geographic diversity spreads costs
With properties across four states, NexMetro’s Avilla Homes flag lets the company distribute risk across multiple growth markets. This keeps rental costs manageable across the whole portfolio. But Petroulakis acknowledged that risk is always a factor.

“Finding those locations isn’t accidental,” she said. “It’s the product of conducting considerable demographic and demand analysis to determine the best metro areas and submarkets in which to build. We are disciplined in our underwriting and use long-term average, not current trends. Using those metrics, we know over the long haul that our properties will be successful.”

Taking advantage of economies of scale
According to the NAHB, the cost of construction materials has increased by 12 percent since 2016, and while increases have leveled off since 2023, they show no signs of dropping. Fortunately, developers and builders have found ways to leverage the economies of scale required to build SFR communities in a way that mitigates and manages costs.

John Daher, vice president of development and construction at American Realty Advisors, stressed the value of maximizing site utilization through design and standardization of floor plans and finishes to reduce material costs, allow for more efficient production, lower carry costs, reduce delivery times and simplify the construction process.

He also noted the value of effective use of prefabricated elements. “Using prefabrication of key elements such as roof trusses, flooring systems and wall panels can significantly reduce total project time while still producing quality houses,” according to Daher.

His colleague, Patrick Lataitis, senior director of investment at ARA, noted that the cost of materials goes hand in hand with how they are ordered and used by subcontractors.

“Material and other costs can be managed thorough careful construction monitoring throughout development, value engineering, as well as potentially early buy-out of certain critical materials,” Lataitis said. “Also, financing costs can be managed via a competitive lender bidding process that should result in the best loan economics.”

Labor relations matter
Another major driver for construction costs is labor availability. As the demand for skilled construction labor increases, contractors and subcontractors are spread thin. But developing relationships with subcontractors across the entire process can improve the bottom line.

“In our experience, roughly 80 percent of new construction costs are attributable to subcontractors,” Lataitis said. “Involving key subcontractors—along with the general contractor—in the design and preconstruction process for value engineering suggestions and constructability review can usually save costs, cause less requests for information and time delays for unanswered design questions.”

Strong relationships for building SFR homes don’t just streamline construction costs and lower overhead costs such as management, maintenance and upkeep, they also create opportunities for future projects, noted Jordan Kavana, CEO of ARK Homes.

Niche with a future
The demand for moderately-priced rental houses is likely to have a long runway for developers, considering renting a starter home is now more affordable than buying across the country’s 50 largest metro areas, a recent Realtor.com report shows. On average, owning came with a 61 percent premium as of July.

“With renting you know your monthly payment,” Kavana said. “You only have to come up with a security deposit, and home maintenance is included, and you are most likely moving into a new home with added space and a yard.”

But, according to Petroulakis, the convenience and amenities of SFR are as appealing as the price. “This is a lifestyle choice, not a trend,” she said. “People will continue to want freedom, privacy, and flexibility in the future more than ever before.”

$2B Phoenix Project Lands CHIPS Act Funding

Amkor Technologies is building the largest facility of its kind in the U.S.

Aug 01, 2024by Richard Berger Commercial Property Executive

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Semiconductor company Amkor Technology has signed a non-binding preliminary memorandum of terms with the U.S. Department of Commerce to receive proposed funding as part of the CHIPS and Science Act. Terms include up to $400 million in proposed direct funding and access to $200 million in proposed loans.

The provider of semiconductor packaging and test services announced in November 2023 its plans to build its first domestic OSAT (outsourced semiconductor assembly and test) facility in Peoria, Ariz. The city approved the Phoenix-area project earlier this year.

Amkor expects to invest approximately $2 billion and employ approximately 2,000 people at the new facility. Upon completion, this will be the largest outsourced advanced packaging and test facility in the U.S.

Amkor secured some 55 acres for the manufacturing campus, which will include more than 500,000 square feet of clean room space. The first phase of the facility targets production within three years.

President Biden signed the CHIPS Act into law on Aug. 9, 2022—creating a $52 billion investment to revitalize America’s domestic semiconductor industry and strengthen the country’s economic and national security. So far, $30 billion in funds have been issued.

Phoenix, a semiconductor epicenter
Phoenix is one of the country’s largest epicenters of the booming field, while the industry itself is transformative for the U.S. economy and one of the country’s main economic pillars looking forward.

In April, Taiwan Semiconductor Manufacturing Co. also announced it signed a preliminary memorandum to receive significant CHIPS and Science Act funding for what would be the largest-ever direct foreign investment in a U.S. greenfield development.

In March, Intel also signed a preliminary memorandum of terms for up to $8.5 billion. Proceeds are aimed at semiconductor project development and expansion in Arizona, New Mexico, Ohio and Oregon.

Bob Hess, vice chairman of global strategy at Newmark, told Commercial Property Executive that Phoenix has firmly established itself as a top-tier metro for advanced manufacturing and semiconductors.

“The region has sustained attraction of California companies, underpinned by a favorable business climate and a proactive approach to investment and infrastructure development,” Hess mentioned.

“What sets Phoenix apart is the collaboration between business executives, local governments and state agencies. True public-private sector partnerships that meet regularly.” He added that leaders such as Chris Camacho of the Greater Phoenix Economic Council and Sandra Watson of the Arizona Commerce Authority have been instrumental in strategic planning.

Just recently, the U.S. Department of Commerce and National Science Foundation announced a partnership to advance semiconductor workforce development, which will be critical to ensuring a strong and sustainable talent pool to further drive economic growth.

“As Phoenix continues to grow, the housing market becomes a critical factor in site selection for companies,” Hess reasoned.

“The city has done well to manage challenges related to water, zoning and growth. However, there’s a need for more condos, apartments and multifamily housing to meet demand. Engaging with developers and industry leaders is essential to keep pace.”

“The expansion of companies like Amkor highlights the importance of workforce development, including addressing issues like childcare to support a diverse workforce. Arizona’s leaders, working with national think tanks and workforce committees, are looking outward for best practices to prepare for the future needs of the semiconductor industry.”

Phoenix investment from other industry players
John Leddy, managing director in the tech division with JLL Work Dynamics, told CPE that according to the Semiconductor Industry Association, major projects in the Phoenix area increasing semiconductor manufacturing capabilities total more than $100 billion.

“Those investments are expected to create over 11,500 skilled workforce jobs at those sites and require roughly 25,000 construction and skilled trade jobs to complete these projects,” Leddy summed up.

“Arizona is one of 12 states that have created or expanded upon existing tax incentives to attract private sector investment toward semiconductors. Arizona’s statewide incentives include funding for semiconductor infrastructure, workforce and research capabilities.”

Rusty Martin, Graycor general manager with the Southwest division, told CPE that the significant investments from companies such as Intel, Amcor and TSMC have led to additional investments from their suppliers and other businesses operating within the industry.

“Phoenix offers ample available land, a strategic location, robust infrastructure, a competitive cost of living, and a business-friendly environment, making it an attractive location for companies looking to establish a presence,” Martin added.

The Phoenix market has transitioned over the past two decades into a diverse economy with large companies in tech and manufacturing relocating to the valley, according to Cory Sposi, vice president of sales & leasing at Commercial Properties Inc./CORFAC International.

“Plans that were put in place here decades ago in higher education and infrastructure, as well as keeping our core business-friendly values, allowed us to be a top choice for the future of domestic manufacturing and technology,” Sposi said.

The Phoenix industrial market also continues to remain one the nation’s frontrunners for small to mid-bay leasing activity, according to Morgan Hill, vice president of acquisitions at Stos Partners.

He told CPE that tenant demand for warehouse space continues to be fueled by 3PLs and construction-related occupiers, while significant growth continues in the advanced manufacturing and semiconductor chip-related industries.

“The market has experienced a recent surge in manufacturing with over $60 billion in private investments in the semiconductor, battery production, and energy storage sectors,” Hill mentioned. “Even with the significant construction pipeline, Stos Partners remains bullish on the Phoenix industrial market for functional, well-located industrial product.”

Multifamily and single-family also get a boost
Amkor’s major investment and the addition of 2,000 jobs in Peoria is expected to significantly boost the Phoenix economy, fueling demand for rental housing, according to Jeff Seaman, senior managing director at JLL Phoenix, who specializes in multi-housing.

“Multifamily owners can anticipate increased asset values and occupancy rates, creating a more robust and appealing investment landscape,” Seaman said.

“NexMetro has strategically invested in developing luxury leased home neighborhoods in the Northwest Valley because of the significant manufacturing company presence and investment in the region,” added Jacque Petroulakis, chief communications officer for NexMetro. “This industry creates high-wage jobs, and these homes are attractive to those who want the lifestyle of a detached home with a private yard, but don’t want to purchase a home at this point in their lives.”

Trends Watch: Investing in Build-to-Rent Housing Communities

Jul 25, 2024Elana Margulies-Snyderman EisnerAmper.com

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EisnerAmper’s Trends Watch is a weekly entry to our Alternative Investments Intelligence blog, featuring the views and insights of executives from alternative investment firms. If you’re interested in being featured, please contact Elana Margulies-Snyderman.

This week, Elana talks with Greg Fedorinchik, Managing Director of Equity Capital Markets, NexMetro Communities.

What is your outlook for investing in build-to-rent housing communities?
There are four driving factors today. First, there is a secular tailwind of growing consumer demand for a luxury leased new home neighborhood lifestyle – particularly among Gen Z professionals, millennials, and -- increasingly -- retirees. Second, there has been a considerable dip in new multi-family project starts since 2022. That will mean less supply of quality housing when we look out two-to-three years. Third, housing affordability challenges continue to be a problem, with monthly costs often more than $1,000 higher to own a home versus rent. And last, there’s tremendous runway in build-to-rent (“BTR”) because it offers a combination of affordability and a new home lifestyle to people who have the wherewithal to buy, but are choosing to rent. Multifamily has a long history of recession-resistance and performance, and this is magnified by the unmistakable appeal of a no-shared walls single family rental home neighborhood experience.

Where do you see the greatest opportunities and why?
We see the greatest opportunity in submarkets of major metros with strong demand drivers of job growth, household incomes, etc. These consumers are willing to pay higher rents for the privacy and lifestyle they can’t get with a traditional apartment. Our primary resident demographics range from professional millennials to people in a life transition (like divorce) and baby boomers/retirees. A growing segment is also adults 55+, which recently have made up about 2/3 of rental housing growth. This segment represents about 1/3 of our residents and is growing today.

What are the greatest challenges you face and why?
It’s said that wealth is made during down cycles and harvested during upcycles. Today, we think that is a particularly poignant insight. Higher interest rates, higher construction costs, and tighter financing standards are making business execution far more important. The environment has deterred many companies that are inexperienced in the BTR sector. We factor these escalations into our project projections, and it is requiring us perhaps to do fewer projects and be much more selective to achieve our return objectives. That said, we are still finding some great locations that we are confident will perform well and offer great opportunities.

What keeps you up at night?
Being focused on the long-term while navigating short-term market challenges is always a challenge. We are being more selective and doubling down on the depth of our underwriting, but at the same time we need to grow our talent and maintain our strong company culture as we grow. Keeping myself and my team focused on the long-term sometimes keeps me up.

Another challenge we sometimes face is nimbyism. In certain parts of the world, there is a misconception that there is too much housing, and a resistance to adding rental housing stock. If you look deeper, all studies agree we don’t have enough rental or for-sale housing supply in the market. We need broader recognition of this housing shortage and supportive policy and infrastructure to meet the growing need.

The views and opinions expressed above are of the interviewee only, and do not/are not intended to reflect the views of EisnerAmper.

NexMetro’s Build-to-Rent Communities Capture Growing Market Share

Jun 28, 2024The Real Deal BrandStudio

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As renting a home becomes a lifestyle choice among many Americans, NexMetro is building communities to fill this growing demand.

Over the past 12 years, the developer has more than 9,500 of its cottage-style Avilla Homes built or under construction in major metros across the Sun Belt. Now, this build-to-rent (BTR) pioneer is launching a NexMetro Direct Access Fund investment opportunity aimed at supporting its active development pipeline. TRD sat down with Greg Fedorinchik, Managing Director Equity Capital Markets at NexMetro, and Josh Hartmann, NexMetro CEO, to learn about the developer’s roots and why now is a great time to invest in build-to-rent communities.

Q&A with Greg Fedorinchik, Managing Director, NexMetro

Greg talks about investing in build-to-rent, trends in the private investor and institutional channels, and principles for raising and retaining assets.

Apr 24, 2024By Ed Rowley, The Fund Marketer

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Greg Fedorinchik oversees equity capital markets and investor relations at NexMetro Communities. NextMetro is a developer of leased home communities featuring luxury single-story detached homes. Since 2012, the firm has raised nearly $500M in equity on a project basis. Greg joined NexMetro in 2023 and has been expanding the firm’s access to equity and debt capital by developing commingled vehicles.

Greg previously held long-term senior management roles at Brinson Partners (acquired by UBS) and Mesirow Financial, along with consulting and interim roles at investment firms. Greg’s experience includes leading portfolio management, strategy, product development and distribution, covering institutional, intermediary and HNW channels globally.

Greg, we appreciate you sharing your insights. Tell us about your firm and the investment strategies you offer.
NexMetro Communities is a ground up developer of Avilla Homes Communities. We’ve actively developed housing communities since 2010, and incorporated the business in 2012, making us a leader and pioneer in the build-to-rent multifamily space.

We have 67 employees and have completed or are in-development across 55 developments and almost 10,000 homes. We’ve deployed about $2.5B in total capital to our projects. We’ve historically financed our projects on a project-by-project basis and the 20 projects we have exited delivered investors on average a 24% net IRR.

Avilla Homes communities are “cottage-style” build-to-rent communities – think of them as Class-A multifamily starter homes. Communities are typically between 150-250 homes built on 15 to 30 acres adjacent to fast growing cities – mostly in the sunbelt.

We build one-bedroom, two-bedroom and three-bedroom detached homes. Communities feature gated access, resort style pools and other amenities, like pickleball courts, dog parks, and walking paths. Homes feature private entrances, high ceilings, high-end finishes, no shared walls, and private enclosed back yards.

Our communities cater in large part to professional Gen Z, Millennials and over-55s that are looking for a high quality and low maintenance lifestyle. All maintenance, down to the changing of lightbulbs, is fully included in rent.

We now offer investors the opportunity to invest in the development of these communities through a dedicated fund: The NexMetro Direct Access Fund 2024. The fund is targeting a return of 15%+, underwriting projects that we believe can generate a 15-20% return to the fund.

What are some of the main things you’re focusing on right now?
Our fund just launched at the end of March, so that is taking up a lot of my team’s focus, time and energy. We have raised about $45M already in just a couple of weeks – with a target of $75-100M total equity.

Our development team has a strong pipeline of land and project deals. Given how multi-family housing starts have declined, we are eager to get as many projects in the ground this year as we can, because we think the competition will be very low when we look out to completion in about two years.

We are also working on the design and launch of a new debt fund to help us finance our projects. I am really excited about that. It will have a two-year lock and pay a spread to two-year treasuries. I think that’s novel and I think it is what many investors are really looking for.

What kinds of trends or opportunities are you seeing among investor segments or fund types?
The most interesting observation I have is that among our HNW, UHNW and family office investors, there is a stark and quickly increasing demand for yield. This is in large part because that investor segment is aging and looking for more current coupon yield as opposed to investing in long-dated private equity and other types of funds.

The other thing I would note is that investors are still being cautious, waiting for clearer economic and market signals – particularly with respect to interest rates. There is a lot of dry powder. That said, we really think there will be a first mover advantage to people that deploy capital into interesting ideas today. If you wait too long, the train may, as they say, “leave the station.”

What’s one of the biggest challenges related to marketing or sales that you wish you could solve?
I think prospective investors, especially institutions but also family offices and UHNW investors are simply inundated with marketing offers from investment firms. There is so much noise in the marketplace from investment firms, crowd-funding platforms, etc. It is really hard to stand out and it is really hard to curate opportunities and match them to investor interest. Wouldn’t it be nice if there was a better way to match investors to high quality providers?

I would be remiss if I didn’t note something about the AI revolution. The technology is really powerful and we are only starting to scratch the surface on how to best apply it on both sides of our firm – i.e. how do we use AI to make better investment decisions and how do we use AI to help us find investors that want to access what we do?

In terms of reaching new investors, what methods are working best?
Referrals, referrals, referrals. Really this is always the best way to find and acquire new clients. We are a pretty small firm – deploying $100-150M in equity capital annually, so in the past we’ve really relied on family, friends, owners, board members, and employees to refer people in their networks. As we grow, we want to get to annual deployment of $250-300M of capital. That is going to require more and larger investors.

Finding more and larger investors will have us focusing on family offices and RIAs and using some niche data providers, cap-intro events and conferences that focus on our target segments. There are some great networks out there if you can tap into them – networks of UHNW, family office and RIA investors looking for interesting private investments.

What kinds of products/tools/services do you find to be valuable?
Databases are a great place to start. In my opinion there are three or four that are really great. I’d highlight two: for managers looking to penetrate the institutional channel which is highly consultant intermediated – the IC Research Institute is the best tool out there. If you are working in that channel and aren’t using it, you are at a disadvantage. I can provide people with referrals and demos. I can’t say enough about how good it is. The other is Dakota Marketplace. I have been a client of theirs in the past and think they are doing a great job further developing their reach among platforms, family offices and RIAs.

Outside of these databases, I think there are some great institutional, RIA and family-office focused conferences and forums out there, but really too many to name. You have to find ones that have the types of investors you are looking for and in the right areas of investment focus.

What’s one of the most important things you’ve learned during your time in the industry?
I worked for long periods at two really great firms: Brinson Partners, which later became part of UBS, and Mesirow Advanced Strategies. The most salient lesson I learned at both places is that a firm with a true focus on clients, with a client-centric culture, will always be more successful.

Virtually all firms say they are client centric, but most firms don’t have what it takes to live client-centricity. You absolutely have to focus on understanding clients and on being true stewards of their capital – that is treating client capital with the same standard of care you do your own, and probably an even higher standard.

Where you see this manifest itself most clearly in organizations is through leadership that is always asking people – do you feel so confident in this decision that you’d put a substantial portion of your own money into it? What could go wrong? What will clients say if it does go wrong? What steps are we taking to avoid the bad outcomes?

You have to take risk, don’t get me wrong, but you’d better know what that risk is. Maybe it goes without saying, but aligning incentives is critical to fostering that kind of culture. I think great firms make clients the center of everything they do – both in terms of client service and investing.

What trend or change do you see happening now?
Among institutional investors, I think there is a clear trend to insourcing and specialization. And that is working its way down to smaller institutions too. In effect, institutional investors are getting more sophisticated. That is a long-term trend. That requires better and smarter marketing content for investment firms. You have to help those specialists learn, analyze and make better decisions.

On the HNW side, I alluded to the major change I see already. The baby boomers are a concentrated pocket of wealth with rapidly changing needs. The youngest boomers are now 60 and the older boomers are closing in on 80. A person’s needs, goals, risk tolerance and desired investment attributes change a lot in that part of their life. I think investment firms are behind the eight ball in recognizing how seismic that shift is and responding to it creatively.

Further, wealth is being transitioned from boomers to Gen Z and millennial investors with a differing set of beliefs and views – but that’s a whole issue unto itself.

NexMetro targets opportunistic BTR projects with new HNW fund

Apr 17, 2024Susan Barreto Alternatives Watch

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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.

Greg Fedorinchik, CFA Joins NexMetro to Lead Equity Capital Markets, Investor Relations Efforts

Mar 27, 2024Phoenix, AZ

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(PHOENIX) March 27, 2024 – NexMetro Communities, a leading national developer and pioneer of build-to-rent (BTR) neighborhoods, has hired industry veteran Greg Fedorinchik, CFA to serve as managing director of equity capital markets. Fedorinchik’s appointment is pivotal as the company, founded in 2012, expands its pipeline of new luxury leased home projects, eight of which are scheduled to open in 2024.

Fedorinchik has spent the bulk of his 30-year career leading both investment and client-facing teams focused on alternative investments and global asset allocation strategies. Before joining NexMetro, Fedorinchik held long-term senior management roles at Brinson Partners (acquired by UBS Asset Management) and Mesirow Financial, along with consulting and interim roles with large public and small private investment firms where he was instrumental in aligning investors and investment managers in the pursuit of value-added investments, portfolios and projects.

“Innovative, high-quality, leased homes and neighborhoods have great appeal for consumers, suburban communities and investors alike,” said Fedorinchik. “NexMetro is the gold standard in BTR, and I’m looking forward to working closely with our existing and new capital partners as we continue to grow our presence across the country. I am particularly excited about the launch of our first pooled vehicle this year—the NexMetro Direct Access Fund, 2024.”

Jacque Petroulakis, who has served as executive vice president of investor relations for NexMetro, has been promoted to chief communications officer for the company to focus on corporate communications strategy and branding initiatives.

Fedorinchik joins NexMetro Communities as the company has recently surpassed a $2B milestone in total project investment for its more than 55 projects comprising approximately 9,400 homes completed, under construction or in development in Arizona, Texas, Colorado, Georgia and Florida.

“Greg’s experience, vision and skill as an investor in public and private markets is critical for NexMetro’s continued growth as we look to fund our healthy pipeline of BTR projects across the US Sunbelt,” said NexMetro CEO Josh Hartmann.

“We look forward to leveraging Greg’s extraordinary insights gained over more than three decades in capital markets and building and managing investor relationships to further enhance NexMetro’s already strong industry position,” Hartmann said.

For more information about NexMetro equity capital markets, go to nexmetro.com or contact the company at investors@nexmetro.com.

Chief Communications Officer Jacque Petroulakis Featured in Phoenix Business Journal's 2024 People on the Move

Mar 07, 2024Phoenix Business Journal

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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

Build-To-Rent Development Forecast: New Supply To Fall Short Of Demand This Year

Jan 24, 2024By Brad Hunter, Forbes

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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.

Luxury Leased Home Community Avilla Boat Club Now Open

Leading BTR developer NexMetro now renting new homes at its 15th DFW neighborhood with first resident move-ins expected in January 2024

Dec 18, 2023Fort Worth, TX

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December 18, 2023 (Fort Worth, TX) -- NexMetro Communities, the nation’s leading luxury leased home developer, has opened its 15th Avilla Home neighborhood in the Dallas/Fort Worth metroplex. Avilla Boat Club, a 107-home gated rental home community located in the northwest Fort Worth coveted Eagle Ranch master plan, opened this week to the public.

“Avilla Boat Club has an early interest list of more than 200 people seeking a new rental home lifestyle in one of the area’s most highly sought neighborhoods,” said Linda Coburn, NexMetro’s vice president of asset management. “From young professionals to empty nesters, they’re each ready for a next chapter that doesn’t include home maintenance or a mortgage. They don’t want to sacrifice the privacy and luxury they’ve worked so hard to achieve, so these homes are the perfect fit,”

The new Avilla rental neighborhood offers direct access to I-820 and nearby employment, retail, dining and entertainment opportunities, with the first resident move-ins anticipated in late January 2024. Avilla Boat Club’s single-level, mostly detached homes offer resort-inspired amenities and best-in-class interior elements like gourmet kitchens, pet-friendly backyards, a community dog park and an outdoor gaming and grilling area.

“We continue to see considerable demand in submarkets across Dallas and Fort Worth for our best-of-both-worlds lifestyle offering,” Coburn said. What we’ve created is a great place for people to live that is also a point of pride for the surrounding neighborhoods.”

A professionally managed, pet-friendly community, Avilla Boat Club is just 25 minutes from downtown Fort Worth near major freeways, employment corridors and retail. Future residents will enjoy private front entrances and backyards, smart home technology, EV friendly garages and access to nearby Eagle Mountain Lake, which offers more than 8,600 acres of freshwater recreation that includes boating, water skiing, fishing and more.

Since opening its first neighborhood in Plano, Texas, in 2017, nearly 3,000 1, 2 and 3-bedroom Avilla homes have been built or are under construction in submarkets across the Dallas-Fort Worth metroplex. With an average household income of more than $134,000, Avilla residents continue to choose the highly desirable housing model that offers them the luxury they’ve earned and the convenience they desire.

To schedule a tour or learn more about Avilla Boat Club, visit https://www.avillaboatclub.com/.

Leading BTR Developer Starts Construction on Three Austin-Area Projects NexMetro Communities Adds 634 Single-Family Luxury Leased Homes to Growing Portfolio

Avilla Berry Creek Highlands, Avilla Vista Ranch and Avilla Rio Oaks represent nearly $200M investment; with more in Austin market pipeline

Nov 14, 2023Austin, TX

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(Austin, TX) November 14, 2023 – NexMetro Communities, the country’s leading developer of luxury leased single-family home neighborhoods, is underway on three new Austin market projects that will bring 634 highly sought-after rental homes to the area. Construction on NexMetro’s built-to-rent Avilla neighborhoods began in Central Texas with Avilla Berry Creek Highlands in August, Avilla Vista Ranch this month, and at Avilla Rio Oaks starting in December 2023.

“NexMetro continues to see considerable consumer demand for our Avilla leased home neighborhoods because they provide a lifestyle that combines a new detached home and mortgage-free, maintenance-free living,” said Jason Flory, managing director for NexMetro Communities’ Austin Division. Flory added that recent reports show Austin tops the list of markets favoring renting over buying (Realtor.com). “We are actively pursuing more great locations for new neighborhoods in Central Texas because our luxury leased homes are even more appealing to consumers of all walks of life in this challenging housing market.”

Avilla Homes neighborhoods offer single-level one, two and three-bedroom homes with no shared walls, private backyards, front porches, open floor plans, high ceilings and luxury finishes. The gated neighborhoods also feature desirable amenities such as dog parks, resort-style pools and available garages.

The three new Avilla Homes projects underway represent nearly $200 million in capital investment in the Austin submarkets of Georgetown and Liberty Hill, with additional communities in the pipeline. The company’s expansion into the Austin market brings the total number of Avilla Homes built and under development by NexMetro to more than 9,300, representing nearly 60 neighborhoods in the Phoenix, Dallas-Fort Worth, Denver, Tampa, Austin and Atlanta markets.

NexMetro targets submarkets with strong demand drivers of population and income growth for its new Avilla neighborhoods and seeks sites with excellent proximity to freeways, employment corridors, retail and services.
- Avilla Berry Creek Highlands is planned for 224 luxury rental homes on 25 acres in Georgetown, southwest of BCH Way and east of Texas SH 195.
- Avilla Vista Ranch will provide 150 homes on just more than 14 acres in Liberty Hill, southeast of County Road 266 and State Highway 29.
- Avilla Rio Oaks will offer 260 homes on 25 acres in Liberty Hill, near CR 263 and Seward Junction Loop 7864.

The homes will feature hallmark Avilla features such as private backyards and front entries, open floor plans, high ceilings, granite countertops, stainless steel appliances and hard-surface flooring throughout.

“With more than $2 billion invested in U.S. Sunbelt markets nationwide, NexMetro’s entry into Central Texas reflects the company’s strategic growth in key locations with demand by lifestyle-conscious consumers of all walks of life who would rather lease than own a home,” Flory said.

NexMetro closed escrow on its fourth BTR neighborhood in Central Texas in May called Avilla Homestead. Located in New Braunfels, Texas, site work will begin in early 2024 on the 288-home community.

NexMetro, Mosaic Break Ground on Austin-Area Community

The project is expected to be online by summer 2025.

Sep 20, 2023By Jackson Chen, Multi-Housing News

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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.

NexMetro's EVP, Marketing & Investor Relations Promotes "Fill An Avilla" Community Water Drive on Telemundo.

Sep 07, 2023Telemundo Noticiero Arizona

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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.

Arizona Multihousing Association rolls out program to fund affordable housing

Aug 30, 2023AZ Business Magazine AZ Big Media

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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.

Mosaic, NexMetro Break Ground on Phoenix BTR Project

To be built in Glendale, Ariz., the property will offer cottage-style, build-to-rent residences.

Aug 28, 2023By Gail Kalinoski, Multi-Housing News

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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.

The Two Fastest-Growing Types Of Built-For-Rent, And The Metro Markets That Love Them

Aug 25, 2023By Brad Hunter, Forbes Magazine

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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.

NexMetro/Mosaic Team Up on 197-Unit BTR Community

Aug 21, 2023Mike Boyd ConnectCRE.com

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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.

North Texas’ booming ‘built-to-rent’ market includes 3 new communities by late 2024

Aug 09, 2023By Jess Hardin, Fort Worth Star-Telegram

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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.

NexMetro Communities plans two additional build-for-rent communities in DFW

The company will soon open Avilla Boat Club in Fort Worth, a 107-home gated luxury rental home neighborhood.

Aug 09, 2023By Spencer Brewer - Staff Writer, Dallas Business Journal

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NexMetro Communities has continued its growth streak in DFW, closing escrow on two sites in Anna and Cleburne within the last month.

The luxury build-for-rent firm has rolled out a slate of projects in North Texas. Since opening its first DFW development, NexMetro has undertaken 3,000 homes locally, including those already built and currently under construction.

The company will soon open Avilla Boat Club in Fort Worth, a 107-home gated luxury rental home neighborhood, according to a news release. The sites in Anna and Cleburne will open for leasing by late 2024.

“Consumers are increasingly choosing to rent but don’t want to sacrifice the lifestyle of a home that they’ve worked to achieve,” Steve Fritzer, managing director for NexMetro’s DFW Division, said in a prepared statement. “We continue to see considerable demand in submarkets across Dallas and Fort Worth for our best of both worlds lifestyle offering.”

Recently, the Anna City Council cleared the way for a NexMetro Communities build-for-rent residential and commercial mixed-use development on 65 acres of vacant land along U.S. Highway 75 in the fast-growing city.

The development will include 27 acres of future commercial developable land that will tailor to restaurants, local retail, medical offices, banks and other retail and services.

The development will also have a 24-acre residential cottage community built by Phoenix-based NexMetro consisting of 211 detached single-family and duplex units with private backyards and one to three bedrooms per unit.

Dallas-Fort Worth leads the nation in build-for-rent home construction even as demand for the red-hot asset type nationally shows some signs of waning.

Build-for-rent homes constructed nationwide reached an all-time high of 14,541 units in 2022, and three times as many homes are currently underway, according to a new report by RentCafe.

DFW posted the highest number of build-for-rent homes completed in 2022, with 2,773 units. That’s a massive 441% increase year over year and a 10-year peak, according to the report.

North Texas' build-for-rent homes more than doubled in just five years, surging by 102%. More precisely, 3,955 units were added between 2017 and 2022, leading to a supply of 7,843 units throughout DFW – the second largest supply in the nation.

An additional 4,350 build-for-rent units are now under construction in Dallas-Fort Worth, which is the second largest number of upcoming homes for rent in the country, according to the analysis by RentCafe, part of Santa Barbara, California-based Yardi Systems Inc.

While the construction pipeline for build-for-rent is still booming, demand for new homes of this type has fallen nationally from the highs of recent years.

Estimates on build-for-rent construction vary widely based on data source.

But like the broader housing market, new construction of single-family rentals has cooled nationally in recent quarters, with build-for-rent starts in the first quarter of this year 7% lower than the first quarter of 2022. The National Association of Home Builders estimates that in the four quarters ending Q1 2023, 69,000 single-family rental homes began construction, a 17% increase from the 59,000 estimated starts in the four-quarter period prior.

NexMetro embarks on BTR near Dallas

Has developed dozens of rental communities in North Texas

Aug 09, 2023The Real Deal Staff

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A prolific built-to-rent developer is making headway on its next project in the Dallas area, where rental homes are sprouting up rapidly.

Phoenix-based NexMetro Communities will soon open Avilla Boat Club in Fort Worth, a luxury rental community with 107 homes, and it’s planning two more projects in Anna and Cleburne that will open for leasing by late 2024, the Dallas Business Journal reported.

NexMetro has delivered a dozen built-to-rent communities in the Dallas area, according to the firm’s website. Including developments in the pipeline, NexMetro has undertaken 3,000 homes in the area.

The project in Anna, which is about an hour north of Dallas, recently received local approval. The 65-acre development will include 211 detached single-family and duplex units, with floor plans ranging from one- to three-bedrooms. About 27 acres will be reserved for commercial use, such as restaurants, retail or medical offices.

Dallas-Fort Worth has been at the forefront of the BTR craze in Texas. In 2022, DFW led the nation with the completion of 2,773 rental homes, the outlet reported. Nearly 4,000 rental homes were added to the region from 2017 to 2022, amounting to the second-largest supply in the country with 7,843 units.

Avilla Homes, St. Mary's Food Bank Partner for "Fill An Avilla" Community Water Drive

Community Invited to Support Valleywide Hydration Effort by Dropping Off Cases of Bottled Water August 7-September 7, 2023 at Designated Avilla Communities in Maricopa County

Aug 08, 2023Phoenix, Arizona

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PHOENIX (August 8, 2023) – NexMetro Communities and their Avilla Home neighborhoods are proud to partner with St. Mary’s Food Bank for the “Fill an Avilla” Community Water Drive to help alleviate the dire need for water among Arizona’s most vulnerable residents. NexMetro designated three centrally located Avilla communities across the Valley to be the drop sites for donated cases of water throughout the month of August.

Beginning Monday, August 7, 2023, three designated Avilla communities in the East Valley, North Valley and West Valley will be collecting cases of water as they challenge each other and aim to fill a 635 square foot Avilla Home at the new Avilla Grand Community. The collected water will be donated to St. Mary’s Food Bank, which provides hydration, respite and safety information to those in need at heat relief stations in Metro Phoenix on days with Excessive Heat Warnings issued by the National Weather Service. According to Maricopa County Public Health, there were 425 confirmed heat-associated deaths in Maricopa County in 2022, with more cases still under investigation. This represents a 25% increase from the year prior.

“St. Mary’s Food Bank gave out nearly 650,000 bottles of water in June, July and August of 2022,” said St. Mary’s Director of Communication Jerry Brown. “This year that number will be closer to one million. There is just tremendous need this year and we’re asking anyone who can, to help.”

“We’re all feeling the effects of this heat wave and our “Fill an Avilla” campaign allows NexMetro team members and Avilla residents to join with our larger community to create significant results as we together, collect hundreds of bottles of water across three Valley Avilla locations,” said NexMetro CEO Josh Hartmann. “This initiative demonstrates our team’s deep commitment to improving and enhancing Arizonans’ quality of life and our focus on enlisting team members and Avilla residents across Maricopa County to support these at-risk individuals at a time when we are most needed.”

The average one-bedroom Avilla home is 635 square feet with 10-foot ceilings, making the goal of approximately 5,700 cases of water. This will provide water for thousands of people across the Valley.
We will be celebrating this effort and invite the media to attend the culminating event scheduled at Avilla Grand in El Mirage on Thursday, September 7, 2023, from 4pm-7pm.

Those interested in donating a case of water in support of the “Fill an Avilla” Community Water Drive may drop off sealed bottled water at any of the following Avilla Homes communities, or make a monetary donation on the Fill an Avilla Donation page.

Avilla Canyon: 27777 N. Black Canyon Hwy., Phoenix, AZ 85085

Avilla Grand: 11755 West Thompson Ranch Road, El Mirage, AZ 85335

Avilla Lehi: 3425 East Thomas Road, Mesa, AZ 85213

NexMetro’s housing solutions allow individuals and families at every stage of life to have the best of both worlds… the space and privacy of a detached single-family home, with the freedom and resort-style amenities of a Class A rental home. To learn about available Avilla homes in Phoenix, Dallas, Denver and Tampa visit https://www.avillahomes.com/. To learn more about NexMetro and its philanthropic efforts including as an inaugural partner in the Arizona Housing Fund, visit https://nexmetro.com or check out this video.

NexMetro Expands Texas Footprint with New Luxury Leased Home Community in Fort Worth

Leading BTR developer adds Avilla Boat Club to its collection of upscale rental neighborhoods to serve consumer demand for ‘best of both worlds’ lifestyle

Aug 08, 2023Fort Worth, TX

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August 8, 2023 (Fort Worth, TX) -- NexMetro Communities, the country’s pioneer and leading developer of luxury leased home neighborhoods, is opening its 15th project in the Dallas/Fort Worth metroplex.

“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. “We continue to see considerable demand in submarkets across Dallas and Fort Worth for our best of both worlds lifestyle offering. Our goal is to create great places for people to live and be a point of pride for the surrounding neighborhoods.”

Avilla Boat Club, a 107-home luxury rental home neighborhood opening in late 2023, is the company’s 15th Avilla community in the Fort Worth market and ideally located just 25 minutes from downtown. Within the last month, NexMetro closed escrow on two additional sites in Anna and Cleburne that are slated to open for leasing in late 2024.

Since opening its first neighborhood in Plano, Texas, in 2017, nearly 3,000 one, two, and three-bedroom Avilla homes have been built or are under construction in submarkets across the metroplex. With an average annual household income of more than $134,000, Avilla residents continue to choose the highly desirable housing model that offers them the luxury they’ve earned and the convenience they desire.

Fort Worth Avilla Trails resident Spanki Mills-Farris is one of a growing number of Americans who believe it is a much better time to lease a new home rather than buy one. “I’ve worked in real estate for many years,” she said, “and this is a good time to wait and let the market come back.” Mills-Farris moved into her Avilla home earlier this year, relocating to the Dallas-Fort Worth area to start a new business. “I own a home currently,” she said. “I’m just renting here while I get things up and running.” She said she prefers her Avilla luxury leased home to an apartment because of the no shared walls and private backyard. “I haven’t lived in an apartment in more than 25 years, so for this season in my life I love that we are in a home.”

Demand for this unique alternative to traditional rentals continues to grow in the Dallas/Fort Worth market and NexMetro is proud to help meet that demand by providing residents the highest level of comfort and convenience without the financial obligation and ongoing maintenance of owning a home. With single-level, mostly detached homes with private backyards and porches, resort-inspired amenities and best-in-class interior elements, Avilla Boat Club sets the standard for luxury rental homes.

The company seeks new sites that are located in growing submarkets and close to freeways, employment corridors, retail and recreation. For example, Avilla Boat Club has direct access to I-820, providing convenient accessibility to ample retail, dining, and entertainment opportunities. Additionally, the nearby Eagle Mountain Lake offers more than 8,600 acres of freshwater recreation including boating, water skiing, fishing and more.

Models at Avilla Boat Club will be available for tours beginning in late 2023.

NexMetro to Open 15th DFW BTR Community

Aug 08, 2023By Mike Boyd, ConnectCRE.com

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The build-to-rent (BTR) trend in Texas shows no sign of abating, and NexMetro Communities is leading the charge. Spacious single-family homes with no mortgage are still sought after.

NexMetro’s Steve Fritzer adds, “We continue to see considerable demand in submarkets across Dallas and Fort Worth for our best-of-both-worlds lifestyle offering. Our goal is to create great places for people to live and be a point of pride for the surrounding neighborhoods.”

Avilla Boat Club, a 107-home gated luxury rental home neighborhood opening in late 2023, is the company’s 15th Avilla community in the Fort Worth market and located just 25 minutes from downtown. Within the last month, NexMetro closed escrow on two additional sites in Anna and Cleburne that are slated to open for leasing in late 2024.

Nearly 3,000 1, 2 and 3-bedroom Avilla homes have been built or are under construction in submarkets across the metroplex. Models at Avilla Boat Club will be available for tours beginning in late 2023.

NexMetro Communities plans two additional build-for-rent communities in DFW

Aug 08, 2023By Spencer Brewer – Staff Writer, Dallas Business Journal

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NexMetro Communities has continued its growth streak in DFW, closing escrow on two sites in Anna and Cleburne within the last month.

The luxury build-for-rent firm has rolled out a slate of projects in North Texas. Since opening its first DFW development, NexMetro has undertaken 3,000 homes locally, including those already built and currently under construction.

The company will soon open Avilla Boat Club in Fort Worth, a 107-home gated luxury rental home neighborhood, according to a news release. The sites in Anna and Cleburne will open for leasing by late 2024.

“Consumers are increasingly choosing to rent but don’t want to sacrifice the lifestyle of a home that they’ve worked to achieve,” Steve Fritzer, managing director for NexMetro’s DFW Division, said in a prepared statement. “We continue to see considerable demand in submarkets across Dallas and Fort Worth for our best of both worlds lifestyle offering.”

Recently, the Anna City Council cleared the way for a NexMetro Communities build-for-rent residential and commercial mixed-use development on 65 acres of vacant land along U.S. Highway 75 in the fast-growing city.

The development will include 27 acres of future commercial developable land that will tailor to restaurants, local retail, medical offices, banks and other retail and services.

The development will also have a 24-acre residential cottage community built by Phoenix-based NexMetro consisting of 211 detached single-family and duplex units with private backyards and one to three bedrooms per unit.

Dallas-Fort Worth leads the nation in build-for-rent home construction even as demand for the red-hot asset type nationally shows some signs of waning.

Build-for-rent homes constructed nationwide reached an all-time high of 14,541 units in 2022, and three times as many homes are currently underway, according to a new report by RentCafe.

DFW posted the highest number of build-for-rent homes completed in 2022, with 2,773 units. That’s a massive 441% increase year over year and a 10-year peak, according to the report.

North Texas' build-for-rent homes more than doubled in just five years, surging by 102%. More precisely, 3,955 units were added between 2017 and 2022, leading to a supply of 7,843 units throughout DFW – the second largest supply in the nation.

An additional 4,350 build-for-rent units are now under construction in Dallas-Fort Worth, which is the second largest number of upcoming homes for rent in the country, according to the analysis by RentCafe, part of Santa Barbara, California-based Yardi Systems Inc.

While the construction pipeline for build-for-rent is still booming, demand for new homes of this type has fallen nationally from the highs of recent years.

Estimates on build-for-rent construction vary widely based on data source.

But like the broader housing market, new construction of single-family rentals has cooled nationally in recent quarters, with build-fo-rent starts in the first quarter of this year 7% lower than the first quarter of 2022. The National Association of Home Builders estimates that in the four quarters ending Q1 2023, 69,000 single-family rental homes began construction, a 17% increase from the 59,000 estimated starts in the four-quarter period prior.

New $70M build-to-rent project planned in Golden

The developer plans to build 128 single-family and duplex homes on the property.

Aug 07, 2023 Denver Business Journal / By Kate Tracy

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A Phoenix-based builder of single-family rental neighborhoods has purchased land for a new build-to-rent community in Golden.

NexMetro Communities paid $5.05 million for 16.1 acres at 5440 and 5400 McIntyre St. in unincorporated Jefferson County. The real estate firm plans to build a $70 million community of 128 single-family and duplex homes on the property, according to Jacque Petroulakis, executive vice president of marketing and investor relations at NexMetro.

Petroulakis said that the growth to the north, west and south of the land, as well as the proximity to freeways, recreation and employment opportunities such as CoorsTek, made the location appealing.

“Our residents typically have higher household income than a typical multifamily renter does. A great location is important to them,” she said.

Petroulakis said NexMetro residents include professional millennials, divorcees and retirees; some are looking for a simplified lifestyle with no house maintenance, while others are looking to rent single-family homes while they wait out interest rates and high housing costs.

“More and more people are seeking a rental home lifestyle,” Petroulakis said. “Now with interest rates increasing, these people are tired of apartment living.”

At its new property on McIntyre Street, just east of North Table Mountain, NexMetro plans to build one-bedroom, two-bedroom and three-bedroom homes as part of its Avilla home brand. Petroulakis estimated NexMetro’s total investment in the project at $70 million.

Amenities will include private backyards, dog park, pool, spa, barbecue area and trails, Petroulakis said.

In addition to its new project in Golden, NexMetro has communities of build-to-rent homes in Commerce City, called Avilla Buffalo Run, as well as Thornton, called Avilla Eastlake. NexMetro also built a community in Brighton, but sold that two years ago, Petroulakis said.

Meanwhile, in Castle Rock, NexMetro plans to close on land this fall, where it aims to build a community of 105 rental homes, according to Petroulakis.

Pending site plan approvals, NexMetro plans to break ground on its new Golden community during the middle or end of next year, and the project won’t be completed until 2026.

In addition to the Denver metro area, NexMetro’s other markets for build-to-rent development include Phoenix, Dallas and Tampa. While NexMetro does not have a select number of communities it wants to build in the Denver metro area, Petroulakis said NexMetro wants to grow more in Denver.

"The demand and appeal is tremendous," she said. "People are looking for a housing option that combines the best of both worlds," meaning a single-family home lifestyle with a flexible lease.

Other players in Denver build-to-rent development include McWhinney and BMC Investments, who have single-family, duplex and townhome projects in Broomfield, Loveland and Aurora.

Cory Dulberg with NAI Shames Makovsky represented NexMetro in the purchase of its new land in unincorporated Jefferson County. The sellers were Margaret Hunnicutt and Robert Lipstreu Sr.

Helaine Levy joins NexMetro board

Jun 28, 2023Biz Tucson

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NexMetro Communities, the country’s leading developer of luxury-leased single family home neighborhoods, has named distinguished Arizonan and long-time philanthropist Helaine Levy to its Board of Directors. An innovative non-profit and business executive who has a gift for advancing philanthropy, Levy has more than 30 years of leadership experience and proven success as a visionary, community problem solver and strategic partner.

“Helaine brings a valued wealth of experience and perspective to our board,” said NexMetro CEO Josh Hartmann. “Her years of success in business, unparalleled integrity and deep community engagement in the public, private and non-profit sectors are tremendous assets and we are grateful to learn from her and grow NexMetro with her guidance.”

As principal of Diamond Ventures Inc., one of Arizona’s more successful real estate development companies, Levy helps guide the Tucson-based company, including its private equity investments. Levy’s additional experience includes the management of her family’s multigenerational office investments.

Concurrently, Levy serves as executive director of Diamond Family Philanthropies, whose focus is to provide support to various Tucson non-profit organizations. As a leader in Tucson’s philanthropic sector, Levy founded two thriving non-profit organizations. She actively engages with community organizations on behalf of DVI and the Foundation and was named Tucson Woman of the Year for her commitment to empowering the city and state.

Levy credits her strong relationships and ability to use resources as key in business opportunities.

Currently, Levy serves on the University of Arizona President’s Board of Trustees, the Jewish Philanthropies of Southern Arizona Board of Directors and the University of Arizona College of Medicine Dean’s Advisory Board.

Levy replaces Robert Fortuno, a business lawyer based in Tucson, who served on the NexMetro board of directors for six years. She joins other board members Ken Abrahams (chairman), Marc Sandroff, G.S. Jaggi, Howard Rossman and Josh Hartmann.

Philanthropist, Businesswoman Helaine Levy Appointed to NexMetro Board of Directors

Levy brings entrepreneurial spirit, leadership experience and extensive community involvement to Build-to-Rent Developer’s Corporate Board That Provides High-Level Oversight & Strategy

Jun 20, 2023

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(Phoenix, AZ) June 20, 2023 – NexMetro Communities, the country’s leading developer of luxury leased single family home neighborhoods, has named distinguished Arizonan and long-time philanthropist Helaine Levy to its Board of Directors. An innovative non-profit and business executive who has a gift for advancing philanthropy, Levy has more than 30 years of leadership experience and proven success as a visionary, community problem solver and strategic partner.

“Helaine brings a valued wealth of experience and perspective to our board,” said NexMetro CEO Josh Hartmann. “Her years of success in business, unparalleled integrity and deep community engagement in the public, private and non-profit sectors are tremendous assets, and we are grateful to learn from her and grow NexMetro with her guidance.”

As Principal of Diamond Ventures Inc. (DVI), one of Arizona’s more successful real estate development companies, Levy helps to guide the Tucson-based company, including its private equity investments. Levy’s additional experience includes the management of her family’s multigenerational office investments.

Concurrently, Levy serves as executive director of Diamond Family Philanthropies, whose focus is to provide support to various Tucson non-profit organizations. As a leader in Tucson’s philanthropic sector, Levy founded two thriving non-profit organizations. She actively engages with community organizations on behalf of DVI and the Foundation and was named Tucson Woman of the Year for her commitment to empowering the city and state.

Levy credits her strong relationships and ability to use resources as key in business opportunities. Currently, Levy serves on the University of Arizona President’s Board of Trustees, the Jewish Philanthropies of Southern Arizona Board of Directors and the University of Arizona College of Medicine Dean’s Advisory Board.

Levy replaces Robert Fortuno, a business lawyer based in Tucson, who served on the NexMetro board of directors for six years. She joins other board members Ken Abrahams (chairman), Marc Sandroff, G.S. Jaggi, Howard Rossman and Josh Hartmann.

iApartments Review by leadership at NexMetro Communities

Multifamily leader, Linda Coburn, provides an iApartments review and talks about smart home technology installed at NexMetro’s revolutionary single family homes communities.

May 12, 2023iApartments

Read the article here.

How has iApartments helped NexMetro position themselves in the market?
“As competitive as the build-to-rent space can be, to be one of the first to come out with a smart home package that is a real, viable, operational, and impressive smart home technology package, is very exciting for us. Linda Coburn is the Vice President of Asset Management at NexMetro Communities. “We are leaders in the single family to lease market and now (because of our partnership with iApartments) we feel like we are leaders in the smart home technology space as well.”

How would you review the rollout of iApartments smart home technology throughout your portfolio?
“The rollout of iApartments smart technology has been smooth and seamless, and it’s because iApartments has put together such an amazing team. Not just from the leadership level, but from the sales to the installation team as well, according to Linda. “All of them have worked so closely with our team, scheduling and often adjusting to our construction delivery delays. I don’t think of all the technology that we have rolled out; none have gone as smooth as the iApartments smart home system rollout. I give all the credit to iApartments working closely with our internal team. The communication is just top-notch.”

NexMetro is the leader in build-to-rent communities located in cities around the country. Their unique single family homes provide renters with options that are just not available in apartment communities. Hence, their tagline “Rents like an apartment. Lives like a home.” In order to enhance the resident living experience, NexMetro has partnered with iApartments to deliver an enerprise-level smart home experience in each community.

AZ Big Podcast: Josh Hartmann talks Build-to-Rent Boom

The latest episode of the AZ Big Podcast with Michael & Amy has officially dropped. Episode 83 features Josh Hartmann, CEO of NexMetro Communities, who talks about Arizona's build-to-rent boom.

Apr 25, 2023AZ Big Podcast with Michael & Amy

Listen to the Podcast Here

About Josh Hartmann:
Josh Hartmann serves as CEO of NexMetro, the country's leading developer of single-family rentals. He brings over 25 years of real estate management and development to this role and is using that background to create innovative home solutions in the country's hottest housing markets. He is responsible for developing and implementing both short and long-term business strategies to ensure the company's continued growth, effectivenessand sustainability. NexMetro's unique product of detached, professionally managed, single-story leased home neighborhoods creates places people are passionate about and want to call home.

NexMetro Continues Strategic Expansion of BTR Offering with the Opening of New Avilla Grand Neighborhood in Northwest Valley

Innovative single-family rental developer continues meeting demand of 'renters by choice' with new El Mirage community

Mar 28, 2023

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March 28, 2023 (PHOENIX)- NexMetro Communities, the pioneer developer of luxury leased single-family rentals, announces the opening of Avilla Grand, its newest build to rent (BTR) community in the Valley. The 267-home neighborhood of 1, 2 and 3-bedroom new rental homes is now leasing and represents the 18th Avilla Homes neighborhood in the Valley.

Located in El Mirage between the city of Surprise and the 23,000-home Sun City master-planned community, Avilla Grand provides a new, maintenance-free single family lifestyle for residents in the rapidly growing west valley.

"Our Avilla neighborhoods have broad appeal, with baby boomers and retirees representing about one third of the residents," said Jared Geisler, managing director for NexMetro's Phoenix Division. He said the single-level homes with private backyards and no shared walls provides a high quality "BTR neighborhoods have bread appeal and are simultaneously attractive to seniors, singles and young families because they offer a private and comfortable living experience that has tremendous appeal."

Located on 25 acres in El Mirage just east of the US 60, Avilla Grand sits adjacent to Sun City making it an ideal location for baby boomers looking to downsize and simplify their lives. The Avilla home community provides hassle-free, maintenance-free living with modern finishes and private backyards, maximizing convenience and luxury for a generation that has earned both.

Other features of the detached, single level homes include 10-foot ceilings,
private front entries, open floor plans, granite countertops, stainless steel appliances and hard-surface flooring throughout. The community is gated and offers garages, covered parking areas and amenities such as a resort-style pool and spa, outdoor grills, lounge areas, dog park, pickleball court, walking paths and grassy, open spaces to meet up with neighbors.

"Pets are very important to our residents which is why this community is designed with that in mind; it's pet-friendly with no breed restrictions," Geisler said, adding that. NexMetro's continued expansion in the Valley demonstrates the company's strategic growth in key locations with demand by lifestyle-conscious consumers of all walks of life who would rather lease than own a home.

NexMetro's Avilla Homes rental neighborhoods offer a unique alternative to traditional rentals meeting the needs of a diverse group of individuals and families. Convenient access to the Loop 101 freeway and major retail and restaurant choices mean Avilla Grand residents won't have to go far for their everyday needs or entertaining options. Plus, the Northwest Valley is expected to continue its rapid growth with more retail, dining and entertaining options coming soon to the area.

For more information or to schedule a tour, please visit: https://www.avillagrandaz.com/. Sneak peek tours are currently available by appointment.

With more than $2 billion completed or in development in national markets, NexMetro is the leader in the BTR industry with more than 9,000 homes representing more than 50 neighborhoods completed or under construction in the Phoenix, Dallas/Ft. Worth, Austin, San Antonio, Denver, Tampa, Orlando and Atlanta markets to date.

The Key to Successful Entrepreneurial Leadership with Josh Hartmann

Mar 27, 2023Brandon Smith The Leadership Foundry Podcast

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From large teams to a company of one. Josh Hartmann, CEO of growing company NexMetro, joins podcast co-host, Brandon Smith, to share the key to his successful entrepreneurial leadership: humility. Listen in!

'Build to rent' homes becoming more popular than ever

Mar 15, 2023Kaley O'Kelley ABC15 Arizona

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PHOENIX - Homes built exclusively for renters are becoming more popular than ever. As more people move to our state, more "build to rent" communities are sprouting up across the nation.

These mostly upscale communities rent like an apartment would with no shared walls or neighbors living above or below.

The concept started in Arizona, almost by accident when the real estate bubble burst.

In 2008, a group of entrepreneurs built some single-family rentals in Tucson. They figured these properties would attract renters with bad credit. Instead, they found people with good credit choosing to rent.

In 2012, the group formed NexMetro.

Now, this Valley-based builder is focused on single-family rental communities with projects in Arizona, Colorado, Texas, and Florida.

ABC15 talked with Jacque Petroulakis, the executive vice president of marketing and investor relations.

"This single-family long-term rental choice is for those who may not want the responsibility of owning a home but still need more space than what an apartment affords."

Calling these luxury leased-home neighborhoods a unique housing shortage solution, Petroulakis says, "I think that it helps with affordability issues, demand issues and definitely feeds the supply."

"The idea is for people who really love the lifestyle of a home, but don't want a mortgage or to be tied down to a certain location," she said. "These properties are for people who don't want to deal with maintenance headaches."

Many "build to rent" communities offer high-end appliances and private backyards which is a real selling point for Avilla Properties in Arizona.

That's exactly why Jim Garbarczyk signed his 12-month lease at Avilla Enclave in Mesa.

"My dog loves running around in the backyard, plus we live steps away from the dog park right here in the neighborhood."

Garbarczyk decided to put his Gilbert home on the market last summer.

It sold much faster than he expected, telling ABC15 that apartment living while he searches to buy another home simply isn't an option.

"The first thing I thought was, 'there's no way I'm gonna afford it,' and then when we went over the rent and everything like that and I'm like, wow, it compared to what you would be paying for an apartment."

For investors, the "build to rent" concept does come with key challenges especially when it comes to maintenance. Because effective building management is key to protecting the long-term value of a development, NexMetro says proper and prompt maintenance is something their property managers are committed to.

"These homes are for those who rent by choice, primarily millennial professionals, people whom I call midlife transition couples just starting to have a family or a single person who maybe has just been divorced," said Petroulakis. "Maybe they've lived in a single-family home for the past 10 years and in no way do they want to live in an apartment now."

With the housing shortages we've seen in Arizona, climbing interest rates, and sky-high prices for homes, "build to rent" communities can provide an alternative for millennials and baby boomers who don't want to deal with the maintenance headaches that can come with owning a home.

4 STRATEGIES FOR WEATHERING THE 2023 SPRING SELLING SEASON

This year's spring selling season might not be the typical frenzy of activity, but here's what industry pros say can help.

Feb 22, 2023By Aly J. Yale Builder Online

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There's no doubt that builders are looking at a unique spring season compared with recent years. The market has changed significantly since mid-2022, when mortgage rates began to climb and economic uncertainty mounted.

When that happened, demand fell off-and has remained relatively low (comparatively speaking) ever since.

"The housing market was chugging along until the combination of higher home prices and mortgage rates both spooked potential home buyers and pushed affordability to the limit for many," explains Ali Wolf, chief economist at Zonda. "Now, all eyes are on the spring selling season of 2023 to see if consumers return to the market in the typically strong test of the year for housing."

If they don't, or at least don't in large numbers, builders will find themselves in steep competition for the buyers that remain.

Here's how Russ Stephens, co-founder of the Association of Professional Builders, puts it: "As interest rates continue to rise in 2023, this situation will compound and get worse, leading to more builders competing for less work. Higher interest rates have a massive impact on the construction industry, which means we can expect to see demand remain low for a few years."

Fortunately, there are ways home builders can weather the potential storm and stay successful, no matter what the market may bring in the coming year. Here's what Stephens and other industry pros say can help.

1. Renew your focus on marketing and sales
Renewing-or perhaps, revamping-your marketing and sales strategies is the first place to start.

As Stephens explains, "A lot of building companies have neglected their marketing over the past two years, because prospects have been chasing builders. Equally, builders have not had to deal with objections because the market was running so hot. If you owned a building company over the past two years, you could not fail to be busy, even if you had no idea how to sell or market your business."

This year, things have changed, and builders no longer have the upper hand. Knowing your customers and intentionally marketing, selling, and promoting your homes and communities to them will be critical for success.

Stephens suggests focusing on content marketing "in order to generate quality leads rather than price checkers" and documenting your sales process to ensure repeatable results.

"No matter what happens in the economy, the best companies always win because they attract the best clients," he explains. "It's the poorly run businesses that are left to fight over the scraps."

2. Stay competitive and stand out
Ensuring your company stands out from other builders is vital, too, particularly when the pool of available buyers is shrinking.

"During a time of slower sales, most sales and marketing teams are working on strategy to help drum up demand," Wolf says. "Price cuts and strategic incentives have proved successful in many communities at driving traffic back into sales offices."

But be careful: Getting buyers back to the sales office doesn't always mean a done deal.

"The last six months of 2022 saw sales cycles lengthening as consumers dragged their feet during the process," Stephens says. "We also saw a lot consumers, at contract signing, putting their plans on hold in order to 'see what happens.'"

To prepare for the fallout of these indecisive buyers, Stephens recommends generating twice as many preliminary prospects as contracts you'd like to close.

"Builders' sales funnels will be hit hard by prospects who change their mind or cannot get financing, so never rely on six 'definites' to sign six contracts," Stephens says.

3. Branch out in both customer type and strategy
General consumers aren't builders' only options for drumming up sales. Increasingly, builders are turning to investors to offload properties and keep sales moving.

In fact, a recent Zonda survey revealed that 47% of builders are selling homes to investors on a one-off basis, while 6% are doing so in bulk.

"Builders are also considering ramping up their build-to-rent portfolio as a perceived 'recession-proof' strategy," Wolf says.

For some, this means selling existing, spec properties to build-to-rent investors. For others, it may mean converting entire communities to a build-to-rent model or working with existing build-to-rent communities as the designated builder or contractor.

"Home builders have maintained strong volume in recent years, and, with home sales slowing, a shift to build-to-rent can provide a pipeline of production to keep their employees and their trades working through a down cycle to maintain continuity for the time when home sales rebound," says Robert Trujillo, vice president of Harvard FirstStreet at Harvard Investments, a residential and master plan developer based in Scottsdale, Arizona. The company recently branched out to the build-to-rent sector to much success.

"We're adding build-to-rent to our business plan for the ongoing revenue it provides," Trujillo says.

A major benefit of this strategy is that the build-to-rent market tends to move differently than the traditional, for-purchase market. So venturing into this arena? It can be a smart way to diversify one's portfolio and minimize risk.

"We're not experiencing the slowdown that home builders have experienced in recent months," says Josh Hartmann, CEO of NexMetro, which builds luxury rental home communities nationwide. "Multifamily has a long history of being a recession-resistant asset class that thrives in good times and bad."

4. Reduce operating costs and staff
Finally, cutting operational costs can help builders bide time while sales are slow. That may mean reducing office space, particularly for builders with a largely remote workforce, or finding ways to automate processes or increase efficiencies.

Staffing cuts are also an option. Zonda data shows that 18% of home builders have already laid off some staff due to changing market conditions, and about 27% anticipate making further cuts later this year.

As Wolf puts it, "Slower starts and slower sales mean less need for workers."

Anna approves 65-acre NexMetro mixed-use community on U.S. 75

Jan 26, 2023By Bill Hethcock Dallas Business Journal

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The Anna City Council has cleared the way for a NexMetro Communities build-to-rent residential and commercial mixed-use development on 65 acres of vacant land along U.S. Highway 75 in the fast-growing city.

The site is on the east side of Highway 75, south of West White Street.

The City Council in December approved a development agreement that includes the construction of a major thoroughfare and upsized utilities at the site, as well as setting development and design regulations.

Irving-based Caalms Group LLC, which owns the property, sought a rezoning to allow multiple-family residential and general commercial uses, and agreed to follow the city's development and design regulations in exchange for the city rezoning the property.

The development will include 27 acres of future commercial developable land that will tailor to restaurants, local retail, medical offices, banks and other retail and services.

"The proposed layout and development standards encourage a mixed-use environment with pedestrian-oriented standards providing a live, shop, work and play environment," according to a presentation to the City Council on Dec. 13.

The development will also have a 24-acre residential cottage community built by Phoenix-based developer NexMetro Communities consisting of 211 detached single-family and duplex units with private backyards and one to three bedrooms per unit. NexMetro, which is active throughout North Texas, specializes in hybrid communities that feature detached single-family rental units within developments with their own amenities.

The minimum floor area will be 690 square feet per dwelling for one-bedroom units, 980 square feet for two-bedroom units, and 1,265 square feet for three-bedroom units, according to information NexMetro submitted to the city.

The homes will be built around a leasing center, swimming pool and event space. A 10-foot wide trail along Throckmorton Boulevard and connecting to Throckmorton Creek is also proposed.

Anna is a fast-growing city with a population of about 21,000.

Experts share outlook for build-to-rent in North Texas

NexMetro Communities was one of the first firms in the spaceabout 10 years ago. It has completed 15 projects in Dallas-FortWorth alone.

Jan 19, 2023By Tucker Wells Dallas Business Journal

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Pent-up demand from both investors and renters wanting access to the asset class has set up the build-to-rent space to thrive in Dallas-Fort Worth this year and beyond.

Even with the optimism around the space, BTR does have its own challenges, from zoning to struggles around pricing deals to increased competition.

Experts in the North Texas BTR world touched on the roadblocks and opportunities on the horizon in 2023 for developers, owners, brokers, and construction professionals in the roundup that follows:

Sunny Patel, director of Land Acquisition, Taylor Morrison:
From our Taylor Morrison Yardly brand perspective, we are working to develop additional product types - two-story, for example - that may be better suited for infill locations that require more density.

Our single-story Yardly communities typically comprise of 15 to 30 buildable acres.

Also, from an amenity standpoint, we are continually evolving our offerings to address ongoing demographic trends. We are excited about the future of Yardly in Dallas-Fort Worth.

James Ray, portfolio manager, MetLife Investment Management:
Roughly a third of U.S. renters live in single-family homes, and we see that demand growing. Our priority is to provide housing that those renters want: Units designed for families, amenities, yards, garages, access to schools, professional management, access to key thoroughfares and job centers, etc.

It's impossible to benchmark cap rates today, especially for high-quality/institutional products, due to a lack of trades. But regardless of where cap rates shake out, I think purpose-built BTR is positioned to be a winner from a return perspective for two reasons. First, the outlook for property income growth remains favorable compared to other property types. Second, institutional investors want to reallocate out-of-office and retail, and single-family rentals provide a unique opportunity to move the allocation needle meaningfully.

We think it's important to find an overlap between two key constituents: Families looking for three- to four-bedroom homes with access to schools desperately need reasonably-priced housing and institutional investors, e.g., pension funds and insurance companies, who value the product as long as it is high-quality and durable.

Josh Eadie, vice president of Development, NexMetro Communities:
BTR is well-positioned to benefit from the disparity between traditional multifamily and single-family homes. The product type fits an increasingly wide band of prospects and commands a premium compared to other options. The quality, flexibility and livability of BTR make it extremely resilient.

Integration into residential master plans is a great area of opportunity as it helps stabilize areas quicker and allows for a more flexible option for those who want to live in an area but perhaps not in a long-term investment option.

Many groups see an opportunity to boost returns when other key areas may have declined by pivoting into the space. Good competition is always great for innovation in the space, and some new approaches will raise the bar for BTR. On the other hand, some groups' presence in the space may be an experiment that yields more traditional opportunities once markets stabilize again.

Glenn Lanier, director of Development, Provident Realty Advisors:
Traditional single-family builders are getting into the space as demand wanes on the for-sale side. As we're learning, their crews operate turnkey, whereas many multifamily crews specialize in individual trades. The single-family builders that figure out how to operate in a multifamily fashion will do well pivoting to BTR. The pressure this puts on the multifamily builders will force some normalcy back into pricing.

Tom Dosch, principal, Dosch Real Estate Advisors:
In DFW, zoning continues to be a challenge. Since BTR is a new concept to most cities, very few sites are zoned "by right," which means a re-zone is required. In many cases, cities have been reluctant to provide BTR zoning, forcing developers to look further into the suburbs. As the overall market has adjusted due to interest rates and rising costs, developers are looking to come back closer to core established sub-markets. In those areas, available land large enough for BTR development is in short supply.

Eric Stockley, vice president, NorthMarq:
There is significant pent-up capital that is earmarked for BTR - over $85 billion in dry powder - creating a robust buyer pool.

However, these investors are requiring higher cap rates to hit the same return profile for their investment strategies. The obvious bogey affecting returns has been the hawkish movements by the Fed over the past year, which has doubled lending rates and created a larger bid-ask spread between buyers and sellers -affecting transaction volume in the sector.

This is not an issue specific to BTR or housing in general; it is affecting all product types nationally.

Joel Thomas, executive vice president of Development and Construction, TRICOR Construction:
Some near-term roadblocks are a possible reduced pace of capital allocation into our space, given the economic uncertainty, and then any kind rental restrictions or added rental fees that municipalities and HOAs are starting to discuss.

While the "for sale" market is slowing down, hard costs are coming down monthly. We are seeing it across the board, and with that, lead times and supply are coming back to normal levels. A slow "for-sale" market has been great for us.

The people, companies and trends that will shape the Arizona commercial real estate sector in 2023.

25 male commercial real estate leaders to watch in 2023

Jan 18, 2023Erin Thorburn AZ Big Media: Arizona Commercial Real Estate Magazine

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Arizona Multihousing Association selects its 2023 leadership

Jan 11, 2023AZ Big Media

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Arizona Multihousing Association, the statewide trade group for the apartment industry, announces the election of its 2023 officers and board members.

AMA's 2023 Board Chair is Linda Coburn with NexMetro Development. She is joined by Lisa Rosenfeld, vice chair, HSL Asset Management; Adam Greco, treasurer, Mark-Taylor Residential; Stacy Hogue, secretary, Greystar Real Estate; Scott Hines, immediate past chair, PEM Real Estate Group; Michelle Howland, IPC executive, Blue Steel Security Services; and Mark Zinman, ex-officio legal, Zona Law Group.

"With the support of my fellow board members, I have no doubt we will deliver on and achieve goals we have set for the new year," Coburn said. "AMA provides leadership for Arizona business and government. In that regard, we will continue to be the 'go-to' voice for Arizona housing issues. AMA has been among the top industry organizations in Arizona and will continue to be. With more than 100,000 new residents moving into the state each year, our industry will continue to be an economic engine. That translates to more than 1 million new Arizonans this decade, and about 10,000 new apartments each year to meet the rising demand for housing."

Making A Difference

CRE industry partners with Arizona Housing Fund to address growing homelessness epidemic

Nov 16, 2022AZRE AZ Big Media

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Here's how the build-to-rent boom is re-shaping Phoenix

Oct 27, 2022KYLE BACKER AZ BIG MEDIA

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Phoenix is ground zero for a new multifamily housing product gaining popularity across the nation: single family build-to-rent (BTR) communities. Sometimes referred to as low density multifamily or horizontal apartments, these BTR developments offer another option for renters who don't want to live in multistory apartment buildings but can't or won't commit to a home purchase.

Would-be homeowners in Metro Phoenix have seen listings vanish nearly as soon as they appear online, sent in offer after offer only to be outbid by a cash buyer all while prices soared - home values are up 22% year-over-year, according to Zillow's Home Value Index data.

To be sure, indicators such as increased inventory levels are showing a cooling of the housing market. Rising mortgage rates also discourage buyers from making a purchase - since much more of their monthly payment would go to interest - and instead they are pursuing other options, such as renting or simply staying put.

Brandon Harrington, managing director at NorthMarq, says that elevated home prices and the current interest rate environment make it difficult to qualify and afford a home mortgage, which is driving demand for multifamily options like BTR communities.

"I'm super bullish on multifamily, BTR and all forms of housing, because we do have a lack of supply," Harrington explains. "We have major population growth, and we have huge job growth. A lot of those jobs aren't even here yet, so I think we're going to continue to see huge demand for housing going forward."

BUILD-TO-RENT
Considering there isn't consensus around the name of this product, it's unsurprising that there are variations in how developers are approaching BTR. Jacque Petroulakis, executive vice president of marketing and investor relations at NexMetro, says that their communities are self-enclosed and are built to be leased in perpetuity.

"There are others out there that build scattered homes for rent that could easily be sold. That's not our platform," she says. "There are lots of ways to execute this offering, and ours is a professionally maintained, for lease, detached wall community, though we do have some duplexes."

NexMetro has a significant presence in Metro Phoenix, with 23 communities either completed or under construction. Under the brand Avilla Homes, the developer offers one, two and three-bedroom floor plans along with a communal pool and pet-friendly recreation areas.

Another player in this burgeoning segment is Curve Development. Nate Pile, president and owner of Curve Development, notes that the overwhelming majority of BTR communities in Phoenix are in the horizontal apartment mold, which he defines as one, two and three-bedroom bungalow-style units without garages.

"Our model is centered around creating a community where you can't tell whether it's a rental or for sale home," Pile continues. "[Our units] are actual single-family homes with two car garages and true backyards. Our goal is that if you rent it in our community, and your family came to visit, they'd have to ask you if you're renting or not."

Further evidence of the strength of BTR is the entrance of one of the nation's largest homebuilders - Taylor Morrison. Darin Rowe, national build-to-rent president for Taylor Morrison, says that it made sense for the company to do what they do best: find land, develop the dirt, build houses and serve customers.

"There are a lot of niches that builders and apartment developers alike have subscribed to and ours is truly complementary to our core business," Rowe says. "We develop multifamily communities that look like apartment complexes but live more like single-family home communities."

As such, Rowe adds that based on their product type and strategy, Taylor Morrison's BTR communities are competing directly with apartments. Rather than building upward of four stories of apartments, he explains, Taylor Morrison takes a "low density multifamily" approach of 10 units per acre.

"[These units] come with the lifestyle functionality of a dedicated backyard and a doggie door," Rowe continues. "If you've lived in an apartment complex, and you were upstairs and had to walk your dog in your pajamas on a leash every morning to find a patch of grass, or if you had to carry groceries up flights of stairs or had noisy neighbors above and below - [BTR communities] solve those issues."

RENTERS BY CHOICE
Not only are the BTR communities being built differently depending on the developer, but they are attracting a different type of tenant, and not just pet owners. Petroulakis says NexMetro's target demographic includes millennial professionals not ready for homeownership and people in life transition - such as a recent divorcee who had been in a single-family home and wants to avoid living in an apartment building but doesn't want to purchase another house yet. She also mentions that empty nesters looking to downsize are attracted to maintenance-free living without worry of an unexpected costly repair, especially Baby Boomers on fixed incomes.

"It's a very diverse group of consumers, all leasing in the same neighborhoods for different reasons, but the most compelling reason is they want the lifestyle of a home. They don't want the typical multifamily offering that's been in the market," Petroulakis explains.

Many of the people in these communities, Petroulakis says, are considered renters by choice, meaning they have the financial wherewithal to afford a home purchase, but for whatever reason elect not to.

For Curve Development, the way their communities are built means some people are choosing to rent before making a nearby home purchase. One of the company's developments in Orlando, Florida is part of a larger master-planned community with approximately 3,000 homes.

"We have seen interest from people who might want to buy and maybe it's not the right time because of the pricing or they just moved," Pile says. "We find ourselves to be a benefit to the master plan and the for-sale builders because a renter could love the area and end up buying a home three or four parcels over."

A similar calculus is at work for Taylor Morrison, according to Rowe. "We can build [BTR and traditional single-family homes] in the same or adjacent parts of town and cater to those interested in purchasing a home, or if the time is not right and they would prefer to rent, and have an option for them as well," he concludes. "That's why it made sense to lean into this space."

Pioneer Single-Family Rental Developer Enters Atlanta, Augusta Markets

NexMetro Communities expanding footprint with two new acquisitions and more in the pipeline

Oct 12, 2022

(Atlanta, GA) October 11, 2022 - NexMetro Communities, the country's leading developer of luxury leased single family home neighborhoods, marks its entry into the greater Atlanta and Augusta markets with the purchase of two sites.

NexMetro has closed on a 16.4-acre site in the Atlanta MSA of South Fulton and a 19.6-acre site in Aiken County, SC., just six miles east of downtown Augusta. The sites, conditionally approved for 180 and 193 luxury rental homes, were acquired by NexMetro Communities from TPA Residential for an undisclosed purchase price.

"As a thriving market and a very desirable place to live, Atlanta is clearly an ideal location for NexMetro's strategic expansion of its purpose-built single family rental neighborhoods," said Josh Hartmann, CEO of NexMetro Communities. As the developer of more than 44 Avilla Homes neighborhoods across the country, Hartmann said the company has long identified Georgia as a prime location for its in-demand alternative to traditional multifamily living.

"For more than 10 years, our Avilla neighborhoods have seen considerable demand by consumers who want a lifestyle that combines the comfort of a detached home with the convenience of mortgage-free, maintenance-free living," Hartmann said, adding that the company has seen success in times of both high and record low interest rates. "Our Avilla residents are typically renters by choice. They have the wherewithal to buy a home but are choosing to rent for some reason in their life stage."

From its strong population growth to solid household incomes and exceptional employment surge, Atlanta has multiple demand drivers attractive to developers, and tremendous appeal as the geographical, cultural and business hub of the South. NexMetro is focused on expansion in Georgia and other Gulf state locations and is actively pursuing opportunities for its new luxury leased home neighborhoods, said David Lederman, NexMetro's southeast regional managing director.

Lederman said the company sees in-demand opportunity in the greater Atlanta market and is in discussions with brokers and land sellers on additional sites in the greater MSA. He said the company has already named a senior development manager who will be officed with a team in the Atlanta market.

"We are actively seeking great sites in the greater Atlanta market for our Avilla neighborhoods," Lederman said. "This best of both words lifestyle is in demand by a myriad of consumers, from professional millennials to baby boomers."

Avilla Homes neighborhoods offer detached single-level homes with features such as private backyards, front porches, open floor plans, high ceilings and luxury finishes. The typically gated neighborhoods also feature amenities such as dog parks and resort-style pools.

The company's expansion into the Atlanta market brings the total number of Avilla Homes projects completed, under construction and in development to more than 8,000 representing more than 44 neighborhoods in the Phoenix, Dallas, Denver, Tampa, Austin and Atlanta markets.

Sitework will begin immediately on the infrastructure for both NexMetro sites with construction scheduled to begin in early 2023, and leasing expected by late 2023 or early 2024.

Fueled by the appeal of space and privacy, more built-to-rent homes are coming to the Austin area

Sep 23, 2022Andrea Guzmán Austonia

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An Arizona home builder, NexMetro Communities, plans to establish a neighborhood by the name of Avilla Rio Oaks in Liberty Hill, north of Austin. But there will be no homes for sale. 260 single-family rental homes will sit in the 25-acre development.

NexMetro has put forth two other projects near Austin, one in Liberty Hill and another in Georgetown. In total, the company is investing $164 million in the Austin metro with 634 rental homes across three communities.

In a press release on the first two communities, Jason Flory, managing director for NexMetro Communities' Austin Division, described the Austin area as an ideal location for Avilla Homes neighborhoods.

"Our expansion into Central Texas validates the tremendous appeal of this hybrid housing offering to consumers of all walks of life," Flory said. "We continue to look at new site locations in greater Austin because we know there is tremendous consumer appeal and demand."

The popularity of rental homes in the Austin area and elsewhere comes from a desire of residents to have a home that doesn't require a mortgage.

For example, a RentCafe report from earlier this year says the need for space and privacy is driving the trend and notes that built-to-rent homes are expected to hit an all-time high in 2022. With 1,390 single-family rentals in the Austin metro, the area ranked No. 13 on the report's list of metros with the greatest number of those homes.

The growth in built-to-rent homes isn't slowing down. This summer saw announcements for other rental neighborhoods in Round Rock and another in Leander.

The Avilla Rio Oaks neighborhood is set to kick off site work soon near County Road 263 and Seward Junction Loop. It'll include homes with one to three bedrooms that are single-level and between 700 and 1,265 square feet. Each one will include a private backyard, a front porch, granite countertops and stainless steel appliances.

Phoenix real estate firm on a roll in Austin area, with another home rental community planned

NexMetro says it's already invested $164M in region, still 'actively seeking new sites'

Sep 22, 2022By Cody Baird - Staff Writer, Austin Business Journal

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NexMetro Communities LLC announced Sept. 16 the purchase of 25 acres in Liberty Hill, where the company will construct a neighborhood of 260 single-family rental homes called Avilla Rio Oaks. It will join two other NexMetro projects in the works for in the suburbs around Austin; the company already announced another in Liberty Hill and an additional community in Georgetown.

"NexMetro is actively seeking new sites ideal for our luxury leased Avilla Homes neighborhoods in multiple Austin submarkets," stated Jason Flory, managing director of NexMetro's Austin division. "Liberty Hill and Georgetown are examples of two submarkets that have strong demand drivers of strong household incomes, growth and great proximity to retail, freeways and job corridors."

It fits into a trend of built-to-rent neighborhoods popping up across the Austin metro. Proponents argue they add to the types of housing available as the region grapples with a shortage of places to live, and that they can provide greater flexibility for those who want the comforts of a single-family home but not the commitment of a mortgage. However, some market observers lament the fact that residents cannot build equity in these communities.

The new NexMetro neighborhood will offer single-level one-, two- and three-bedroom homes between 700 and 1,265 square feet with 10-foot ceilings and open floor plans. Each home will have a private backyard, front porch, granite countertops and stainless steel appliances. Site work for Avilla Rio Oaks will begin "immediately" near County Road 263 and Seward Junction Loop, according to the announcement.

The company did not disclose what the homes will rent for.

DTJ Design Group is attached to the project as architect and a general contractor has yet to be decided upon.

Close of escrow for the site occurred Sept. 15. A purchase price was not disclosed. NexMetro bought the site from HoganWyatt LP, and Josh Bryan with Bryan Haggard Land Group represented both buyer and seller in the deal.

NexMetro's other Liberty Hill development, Avilla Vista Ranch, will be built on 14 acres southeast of County Road 266 and State Highway 29. That development will have 150 homes.

In Georgetown, the 224-home Avilla Berry Creek will be built on 25 acres southwest of Berry Creek Highlands Way and East of State Highway 195.

Site work is already underway at both Avilla Vista Ranch and Avilla Berry Creek.

Between all three communities, NexMetro is developing 634 rental homes in the metro. While it did not detail how much it was spending on each, the company disclosed Sept. 21 it has invested $164 million in the Austin area so far.

NexMetro is credited with being a pioneer in the current build-to-rent trend and as of 2020 had invested $1 billion across four states, Phoenix Business Journal reported.

According to a January RentCafe report, 2021 was a record year for single-family rental home construction, with 6,740 built-to-rent homes completed nationwide. The same report predicted 13,910 completions for 2022. Austin ranked No. 13 among U.S. metros with 1,390 total rental homes.

Two other rental neighborhoods were announced this summer: In June, Ohio-based Coastal Ridge Real Estate Partners LLC and Florida-based Halstatt LLC announced plans to erect a 225-home rental neighborhood on 20 acres within the 1,200-acre Avery Center community in Round Rock. And in July, AHV Communities LLC announced plans to build 244 rental homes on 48 acres alongside the western edge of U.S. Route 183 in Leander.

These kinds of rental homes are appealing to consumers seeking a new home without a mortgage or maintenance responsibilities, Flory said in a statement. Mortgage rates have been creeping higher for months and the Federal Reserve announced Sept. 21 another 0.75 percentage point hike in the federal funds rate.

"As interest rates inch upward, more potential homebuyers have lost purchasing power, which makes this best of both worlds option even more appealing," Flory stated.

It's worth noting that a cooling in Austin-area housing is restoring some of that power, although it's too early to call it a buyer's market.

The metro's housing inventory hit 2.9 months in August, the highest level since September 2018, according to Austin Board of Realtors data. Meanwhile, the metro median sale price fell to about $496,000 last month, down from $550,000 in April and May and under $500,000 for the first time since February.

Lindsay Neuren, a Realtor with the Speed & Neuren Group at Compass Realty, said that as the market becomes healthier for buyers, sellers are being more realistic.

"[Sellers] understand, for the most part, when I talk to them about pricing, how we need to price aggressively and competitively," she said. "Gone are the days where sellers are sort of unrealistic."

Sellers on the market right now tend to be motivated and want or need to sell, Neuren said, which is good leverage for buyers.

Neuren also said that while sellers might not see the record sale prices of April and May, they're still likely sitting on a good deal of equity and shouldn't consider it a loss if their home doesn't sell for an "ideal" price.

Single-family homes known as 'horizontal apartments' popping up

They aren't single-family homes for sale. They aren't condos sharing common walls. They aren't multi-story apartments with tenants above or below you.

Sep 12, 2022By Sheldon Zoldan, Ft. Meyers Florida Weekly

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They are something new to Southwest Florida, communities of single-family homes, sometimes called horizontal apartments, for rent only. The first one, The Odyssey by Soltura, opened July 1 with 129 units on Forum Boulevard east of Interstate 75. It's not going to be the last.

"We are early in the development cycle, said Soltura co-founder Danville Leadbetter. "We are not alone in this."

There are at least three other developers building or with plans to build rental home communities in Lee County.

Single-family rental apartments have been edging toward Southwest Florida for a decade.

The idea got started almost by accident. A group of entrepreneurs built some single- family apartments in Tucson, Arizona, around 2008, during the real estate bust.

They thought they would attract mostly people who had bad credit. They were wrong. The people wanting to rent had great credit, they just didn't want to buy a house. An idea was born.

The group formed NexMetro in 2012, a builder focused on single-family rental communities. It has 42 communities completed, under construction or in development scattered across the Phoenix, Arizona suburbs, in Colorado, Texas and now in Tampa, said Jacque Petroulakis, executive vice president of marketing and investor relations for NexMetro.

A friend of Soltura's Leadbetter living in Frisco, Texas, turned him on to the idea. Mr. Leadbetter checked out a NexMetro community in Texas and liked it. He and his business partner Arron Simon decided to try it in Fort Myers. Halstatt Real Estate Partners in Naples provided the equity funding.

Halstatt pivoted to single-family rentals in 2019, said Steve Iannaccone, principal owner. It has invested in four projects in Florida, one in Texas and one in Ohio.

The story is similar for Peter Olesiewicz, principal at Marquesa Capital Partners. He's building the Villas of Gulf Coast off Alico Road. He saw single-family rentals as something different.

"There was nothing in the state in 2019," he said.

Why would anyone who can afford to pay from $1,200 to more than $3,000 a month to rent a home not buy one instead?

"The demand drivers are very diverse," Petroulakis said.

"It's a large demographic," Leadbetter said.

Some, often baby boomers, don't want to be burdened with the responsibility of owning a home. The Wall Street Journal in 2019 analyzed census information and found 19% of people with six-figure incomes rented, compared to 12% in 2006.

Some are renters who just moved to the area and don't know where they want to buy or build a house, so they take a year to explore.

Some are single professional millennials who aren't ready to buy a home and others are going through life-changing transitions, like a divorce or death of a spouse.

Some have no choice. Many young families can't afford to buy because they are still paying off student loans, they don't have the money for a down payment and now mortgage rates are increasing.

The U.S. Census Bureau last year reported that only 37.8% of adults under 35, own a home.

"It's a solution for would-be homeowners who are priced out of the market," Mr. Iannaccone said.

Single-family home communities are designed as rentals and shouldn't be confused with a single-family home neighborhoods where investors swoop in, buy several homes and rent them.

Most single-family home rental communities have similar footprints. The homes are unattached except for the one-bedrooms, which share one wall. They don't have people above or below them. They don't share hallways or entrances and they have more outside space.

Developers build about 12 single-family rental units per acre compared to five per acre for a regular single-family community and 20 or more for a multi-story apartment.

The homes usually range from 750 to 1,250 square feet. They have 10-foot high ceilings, high-end kitchen counters, 8-foot doors, plenty of windows and top-of-the-line appliances, items you would find in any upscale non-rental home.

"It feels like your own tiny home," said Alexis Strafuss, 24, who lives at NexMetro's Avilla at Suncoast near Tampa. "It feels so elegant."

She said it is much better than the townhouse and apartment she rented.

She grew up in a 6,000-square-foot home but said her 750-square-foot abode doesn't feel much different. The biggest difference is "it's just me with the same luxuries."

The builders love to emphasize the small backyards where people can let their dogs out. That was important to Ms. Strafuss, who has two dogs.

"The backyard is not huge, but it's perfect to let the dogs out at 10 at night," she said.

The backyard was a magnet for Joe Altepeter, a doctor who recently moved into the Odyssey on Forum Boulevard. He said he's been living in apartments for the past four or five years in Indianapolis and Naples.

The backyard is a timesaver for him. He can let his Dalmatian out in the yard instead of having to walk her all the time.

He said the rent for his one-bedroom is about the same as he was paying in Naples, but the quality is better.

Ms. Strayfuss found that her rent was a little higher than a regular apartment, but she said you get more for the money.

Mr. Olesiewicz said the cost to build the single-family rentals are more expensive than building a multi-story apartment, but "you hope to get a little more in rent."

Mr. Leadbetter said Odyssey's rents are 10 to 15% higher than most of the local highest-rent luxury multi-story apartments.

According to the Odyssey website, a 750-square foot one-bedroom rental starts at $2,069 a month; a two-bedroom, two-bath, 1,031, square-foot rental starts at $2,594 and a three-bedroom, two-bath 1,235 square-foot rental starts at $3,199 a month.

About half of the 129 units are finished. Mr. Leadbetter said he's been adding five to seven renters a week. The grand opening is set for 5 p.m. Sept. 15.

"You have to market the rentals at the property level." he said. "You have to get people there. You need to show people what it is."

Renters won't need to be educated for long. The communities are sprouting up all over Florida.

The number of built-to-rent homes increased 30% across the country from 2019 to 2020, according to The New York Times.

Solura's 625 units were about 10% of the 6,000 units developed last year in the U.S., Mr. Leadbetter said. This year the number is 14,000 units nationwide.

Mr. Olesiewicz said there are now about 30 to 40 communities being built or planned in Florida. Besides its Alico Road development, Marquesa has a parcel in Venice, another in Pasco County and is working on a few others.

NexMetro has more projects scheduled for the Tampa and Orlando area.

"We've long identified Central Florida as a great opportunity," Petroulakis said.

New housing concepts pop up around North Texas

Aug 26, 2022BY J.D. MILES, CBS DFW

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NORTH TEXAS (CBSDFW.COM) - So you want to buy a house but can't afford the down payment.

Or, you need to lease but don't want to live in a traditional apartment building or complex.

The answer may be North Texas' hottest new housing concept - build-to-rent housing communities.

They are starting to pop up all over the area and are giving those of you stuck between buying a home and renting an apartment a new option.

With a growing family, Stephanie Sims couldn't wait to get into a house after years in apartments.

"It started to get really cramped, we just needed that space," Sims said. "In our last apartment, there was always somebody on top making a bunch of noise."

There are no shared walls in Sims' house that sits in a community of one, two and three bedroom homes that, like apartments, are all for rent.

"It's relatively new, but I think it's here to stay in lots of markets," said Josh Eadie, VP of development for NexMetro. "There's been an anti-apartment movement. It's been well received so far."

NexMetro is among the companies behind a concept for those who want nice, modern luxury homes but not the huge down payments and maintenance costs that come with purchasing.

Rents range from $1,600-$2,700 per month with annual leases on houses that can be up to 1,200 square feet in size.

The communities of cottage-style homes come with apartment amenities like pools and on-site maintenance.

A good-sized backyard appealed to Sims and her family, who say it's a way of living that works for them.

"Also it's kind of like getting practice for once we do buy a home; it's a good transition to getting used to what it takes to keep up with a house," Sims said.

DFW already has about two dozen of these communities, which is the third most in the nation.

More than a dozen are under construction.

Yardi Matrix Report: Institutions Will Own 40 Percent of All Single-Family Rentals by 2030

NexMetro acquired the land to develop Avilla Reserve, a 227-unit build-to-rent project in Fort Worth, Texas, in 2018, with first move-ins in 2020. Development of these new build-to-rent homes is soaring in 2022.

Aug 17, 2022By Jeff Shaw, Rebusiness Online

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Institutional capital investment in single-family-rental (SFR) acquisitions and build-to-rent (BTR) projects is growing by leaps and bounds. Institutions funded $2.5 billion in SFR acquisitions in 2021 and committed more than $60 billion in capital to buying single-family rental homes over the past year, according to Yardi Matrix's new report, "Build-to-Rent Fuels Growth in Institutional Single-Family Rental Market."

By 2030, Institutions are expected to own about 7.6 million homes, accounting for almost half (40 percent) of all single-family-rental units in the country.

"The institutions that are getting involved in SFRs tend to be private equity funds," says Paul Fiorilla, director of U.S. research at Yardi Matrix. "There are some traditional core investors that are getting into it, but it's still looked at as a niche, high-yield sector."

According to Yardi Matrix, mom-and-pop owners still make up most single-family rentals, but institutions are increasing market share, with a heavy concentration in the Sun Belt. According to the National Association of Realtors, Texas (28 percent) topped the list of states with institutional buyers, followed by Georgia (19 percent), Oklahoma and Alabama (18 percent), and Mississippi (17 percent).

However, with bulk and one-off home purchases becoming less attractive as options due to poor market conditions such as high acquisition costs, a growing number of institutions are now focusing specifically on BTR projects.

These developments are purpose-built communities comprised entirely of standalone rental units, rather than individual single-family homes a company owns and rents out.

Yardi Matrix's report indicates developers will deliver more BTR units in 2022 than ever before. This year's deliveries are likely to exceed 2021's record high of 7,700 units. Phoenix is the leading market for BTR communities, with 5,200 units under construction, followed by 2,200 units in Dallas-Fort Worth; 1,400 in Charlotte, North Carolina; 1,100 in Houston; and 1,000 in Tampa, Florida.

"SFR development activity is not evenly spread throughout the country; it is very regionally based," says Fiorilla. "The Southeast and the Southwest are especially active because developers are looking to build in places where they expect to see the most population growth going forward.

"What's more, those regions have more large chunks of vacant land necessary for BTR communities while investors have accumulated a critical mass of assets there from the first wave of bulk purchases in the wake of the global financial crisis."

The SFR rental market is facing challenges, however. The higher cost of capital and weak sales market will likely impact growth, and SFR owners and investors must manage capital expenditures efficiently and maintain occupancy rates.

In spite of these potential issues, however, and with the BTR strategy fueling growth moving forward, the outlook for the industry remains positive. The demand for single-family homes remains high, and those who cannot afford to purchase will rent.

Despite this, it is unlikely that more institutional backing in the single-family rental market will affect the investment landscape of traditional apartments.

"I don't think there's a big crossover," says Fiorilla. "The apartment industry is very well established and liquid, especially in recent years.

"There's a lot more capital looking to buy apartments than to sell, which is why prices in recent years have gone up so much. Investors are attracted to apartments' stable cash flows, and the supply-demand fundamentals going forward are very favorable. I don't think that increased capital allocated for SFRs has a big impact on demand for traditional multifamily."

NexMetro developer launches Arizona affordable housing fund program

NexMetro Communities, known among the first in the nation to introduce the build-to-rent hybrid model that combines detached single-family homes in a community rich with amenities, is going for another first.

Jun 22, 2022By Angela Gonzales - Senior Reporter, Phoenix Business Journal Phoenix, AZ

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Phoenix-based Nexmetro is the first multi-housing developer to launch a "Rent Round Up" program for the Arizona Housing Fund, that raises money to help build affordable housing units aimed at alleviating homelessness.

The program allows NexMetro's residents to round up their monthly rent payment to the nearest dollar or donate a specific amount within their online payment portal to assist the housing fund. NexMetro also donates $5 for each rental application received throughout its network of Avilla Homes neighborhoods across metro Phoenix.

Josh Hartmann, CEO of Phoenix-based NexMetro Communities, said he kicked off the program this month at its communities across the Valley.

Of NexMetro's 17 communities in the Valley, nine are completed and stabilized and eight are under construction, he said. When those eight are completed, NexMetro will have 2,600 homes in the Valley. The average monthly rent is $1,836.

When Hartmann heard about the Arizona Housing Fund's efforts to raise money to help finance the construction of affordable apartments to help get homeless people off the street, he and his team started brainstorming ways they could contribute.

NexMetro's asset director, Linda Coburn, a board member of the Arizona Multihousing Association, reached out to the association to see what methods they might recommend.

Hartmann said he hopes to see other multifamily developers join the cause.

"The more people we get on board, the more money we'll raise here in Arizona to make a big impact on homelessness," he said.

According to the Homeless Information Management System database, 1,174 new households in Maricopa County became homeless for the first time in March.

The Arizona Housing Fund was created in August 2019 by Howard Epstein, a Valley executive with Bank of America.

While homebuilders, such as Scottsdale-based Meritage Homes Corp. (NYSE: MTH), have been contributing to the fund since its debut, this is the first time a multifamily housing developer has joined the efforts.

"We're hoping many more will follow and build this program," Hartmann said.

2022 Housing Giants Report-Top 15 Rental Home Builders

The 15 builders that lead the nation in rental unit construction in Pro Builder's 2022 Housing Giants

Jun 17, 2022Pro Builder Magazine

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Topped by Harkins Builders, Embrey, and D.R. Horton in the first three spots, these 15 builders lead the nation in rental unit construction in Pro Builder's 2022 Housing Giants ranking of the nation's largest home building companies.

New built-to-rent neighborhoods coming to Georgetown, Liberty Hill

As prices rise, so does this homebuilding trend

Jun 13, 2022Cody Baird Austin Business Journal

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The high-end neighborhoods will establish 374 rental properties in total. The Austin metro already ranks high in the nation for built-to-rent homes, with 1,390 as of January. This story looks at the trend, and the latest player in the game. Also included with this story: ABJ's ranking of local homebuilders.

Pioneer Single-Family Rental Developer Enters Austin Market NexMetro Expands Nationwide Footprint with Two New Communities

Innovative build-to-rent developer adds Avilla Berry Creek Highlands and Avilla Vista Ranch to its portfolio, bringing its high-demand luxury leased home neighborhoods to Central Texas residents

Jun 09, 2022

(Austin, TX) - NexMetro Communities, the country's leading developer of luxury leased single family home neighborhoods, announced its entry into the greater Austin market with the purchase of two sites in Georgetown and Liberty Hill for its sought-after Avilla Homes communities.

"NexMetro has long identified the Austin area as an ideal location for Avilla Homes neighborhoods by consumers seeking a lifestyle that combines the best of both worlds - a new detached home and mortgage-free, maintenance-free living," said Jason Flory, managing director for NexMetro Communities' Austin Division. Flory added that the region's robust market indicators, land opportunities and strong household formation, magnify the opportunity for the company's in-demand SFR neighborhood lifestyle.

"Our expansion into Central Texas validates the tremendous appeal of this hybrid housing offering to consumers of all walks of life," Flory said. "We continue to look at new site locations in greater Austin because we know there is tremendous consumer appeal and demand."

Avilla Homes neighborhoods offer detached single-level homes with features such as private backyards, front porches, open floor plans, high ceilings and luxury finishes. The gated neighborhoods also feature amenities such as dog parks and resort-style pools.

The company's expansion into the Austin market will bring the total number of Avilla Homes built and under development by NexMetro to more than 7,500, representing more than 42 neighborhoods in the Phoenix, Dallas, Denver and Tampa markets. NexMetro CEO Josh Hartmann said the single-family rental asset class is considered by many as the best risk-adjusted housing industry investment, with its appeal to a myriad of consumers from professional millennials to retirees.

"As the housing market continues to show unprecedented demand, the need for single-family rental homes has only increased," said Hartmann, adding that the company's founders identified the demand more than 10 years ago when they built the first Avilla Homes neighborhood. "Many people want more than a big box option of shared walls, narrow hallways and elevators. They want a no-shared walls lifestyle that provides them privacy, luxury and the pride of living in a beautiful new single-family home."

Avilla Berry Creek Highlands in Georgetown will provide 224 primarily detached rental homes and Avilla Vista Ranch in Liberty Hill will be comprised of 150 homes. Sitework will begin immediately on both properties with construction scheduled to begin in 2023 and resident move-ins scheduled for 2024. Both neighborhoods are situated in prime locations near retail, freeways and employment.

The detached, single level 1, 2 and 3-bedroom homes will include hallmark Avilla features such as private backyards and front entries, open floor plans, high ceilings, granite countertops, stainless steel appliances and hard-surface flooring throughout.

The Avilla Berry Creek community is located on 25 acres in Georgetown, southwest of Berry Creek Highlands Way and east of Texas SH 195. Georgetown was seen as an ideal location for NexMetro's expansion due to its ability to balance explosive growth in the past decade while maintaining a small-town feel. Overall employment has grown 21% since 2016, supporting a diverse group of employers across industries including technology, manufacturing, construction, healthcare, professional services, retail and transportation. Upon completion, Avilla Berry Creek Highlands will offer residents a central open space with a fire pit area and a resort-style pool/spa with additional open space areas for hammocks, lawn games and a dog park.

Avilla Vista Ranch is located on just more than 14 acres in Liberty Hill, southeast of County Road 266 and State Highway 29. With no current single-family rentals available in the area, the high-demand, unique leasing opportunity is the first in this new market. This location will provide future residents excellent proximity to services, employment, and convenient freeway access. The area in and around Liberty Hill has seen a more than 300% population growth since the 2010 census, thus driving high demand for housing. Residents will be in close proximity to A-rated high schools, top employers, and a myriad of shopping and recreation options.

The detached, single level 1, 2 and 3-bedroom homes will include hallmark Avilla features such as private backyards and front entries, open floor plans, high ceilings, granite countertops, stainless steel appliances and hard-surface flooring throughout. The Austin-market neighborhoods will be gated and offer garages, covered parking areas and amenities such as a resort-style pool and spa, outdoor grills, lounge areas, dog park, walking areas and open space.

With more than $2 billion completed or in development in the Phoenix, Dallas, Denver and Tampa markets, NexMetro's entry into Central Texas reflects the company's strategic growth in key locations with demand by lifestyle-conscious consumers of all walks of life who would rather lease than own a home.

Typically priced competitively with surrounding A-class apartments, Avilla Berry Creek Highlands and Avilla Vista Ranch will be professionally managed and offer on-site maintenance.

Priced out of buying, some younger renters eye build-to-rent homes

Jun 01, 2022Susan Campbell AZ Family.com

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MESA, AZ (3TV/CBS 5) -- Many would-be home buyers are getting priced out of the competitive Arizona housing market, and it's pushing some to a different type of rental with no shared walls. "It's something between a single family home and an apartment," said Josh Hartmann, the CEO of NexMetro. The company has 17 rental communities in Arizona, including the Avilla Enclave in Mesa, a build-to-rent community full of one, two, and three-bedroom homes.

"You've got your own backyard. You're separated and your own entry, but then we have on-site maintenance, on-site property management where everything is taken care of," Hartmann said. "Your lightbulb goes out, you call the maintenance team. They change your lightbulb for you, and there's a certain demographic that wants that lifestyle. According to Hartmann, empty nesters and retirees are often drawn to this type of property, but he noted a shift to younger renters.

"Housing prices are getting substantially higher," Hartmann said. "So what we're seeing is a lot of younger people. Our demographic is shifting younger, probably people who were trying to buy a home, probably realized that they kept getting priced out and they're going, 'Listen, I'm going to step out for a bit.'"

According to a RentCafe analysis, the build-to-rent trend is growing quickly. This year, nearly 14,000 single-family build-to-rent homes are being built, more than doubling the 6,470 constructed in 2021.

"In Arizona, it feels like everyone is building this type of product. There's so much talk about it, so much hype," Hartmann said. "We're actually building less here and we're building more across the country, but what we see in Atlanta, for example, when we go out there, no one has ever heard of it. They've never seen this type of product." The average cost for a rental home in the Avilla Enclave is about $2,000.

Copyright 2022 KTVK/KPHO. All rights reserved.

NexMetro Becomes First Multihousing Developer to Launch Arizona Housing Fund "Rent Round Up" Program

Phoenix-based single family rental developer pilots program allowing residents to round up their rent to support affordable housing in Arizona

May 17, 2022Phoenix, AZ

PHOENIX - NexMetro Communities is setting a milestone as the pioneer participant in the Arizona Housing Fund's community contribution program. The program is a collaborative effort between The Arizona Multihousing Association (AMA) and the Arizona Housing Fund to support the development of affordable housing and support services for the thousands of Arizonans facing housing insecurity.

Arizona has the third most severe affordable housing shortage in the nation, a Fund spokesperson shared. According to the Homeless Information Management System database, 1,174 new households in Maricopa County became homeless for the first time in March 2022. Additionally, in 2018, 24,770 Arizona public school students experienced homelessness.

The new program allows residents in NexMetro's Avilla leased home neighborhoods to easily round up their monthly rent payment to the nearest dollar or donate a specific amount within their online payment portal. In addition to stepping up as the pilot participant, NexMetro Communities will also donate $5 for each rental application received throughout its network of Avilla Homes neighborhoods across the Valley. NexMetro, the nation's leading developer of single-family rental neighborhoods, currently has 17 communities in lease-up or construction in the greater Phoenix market alone.

"For ten years, NexMetro has been developing beautiful, leased neighborhoods that people are proud to call home. Our residents are fortunate, and we are joining them in making a difference in the lives of those who don't have housing options," said NexMetro CEO Josh Hartmann. He said the company is focused on enhancing quality of life in the areas it builds - not only through its 'best of both worlds' leased home offering, but also through support of organizations providing proven housing solutions. "With homelessness at an all-time high and a nationwide affordable housing shortage, our priority is to support the nonprofits that make a difference in providing additional housing options."

The Arizona Housing Fund Resident Round Up program kicked off May 1 at Avilla Enclave, NexMetro's 96-home luxury single family rental neighborhood in Mesa. NexMetro plans to expand the program to all Valley Avilla Homes neighborhoods within the next month and Hartmann said the company is looking for opportunities to support similar programs in the other markets across the nation in which it operates.

According to The Arizona Housing Fund, every dollar donated will support established and successful nonprofits dedicated to building more affordable housing options for the state's most vulnerable populations, including seniors, veterans, and those suffering from mental illness.

"This Arizona Multifamily Association pilot program with NexMetro is an exciting step to develop a sustainable source of funding for additional housing to help thousands of Arizonans in need of shelter," said Arizona Housing Fund Founder Howard Epstein, adding that the organization was created in 2019 as a way for the private sector to help raise much-needed funds to address Arizona's growing homeless population. "With more than 500,000 multifamily units in the state of Arizona, this program has the potential to raise millions of dollars annually to support the addition of much-needed affordable housing in the state."
Courtney Gilstrap LeVinus, CEO of the Arizona Multihousing Association, said the advocacy group has worked with the Fund in developing the new program concept.

"Helping residents find homes and stay in their homes is what makes the Arizona housing industry tick," said LeVinus, the President and CEO of the Arizona Multihousing Association. "This creative partnership between NexMetro and the Arizona Housing Fund 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.

About NexMetro

NexMetro Communities is an industry leader and pioneer developer of the hybrid leased home neighborhood concept that offers lifestyle-conscious consumers a new living experience without burdens of home ownership. In partnership with its affiliated companies, NexMetro has developed Avilla Homes neighborhoods since 2012 in key Sunbelt locations including Phoenix, Dallas, Denver, and Tampa. Combining elements of residential single-family living with rental terms and management. NexMetro supplies a growing market niche of consumers with a leased home experience like no other. For more information on NexMetro visit https://nexmetro.com

About the Arizona Housing Fund

The Arizona Housing Fund (AZHF) is a dedicated sustainable fundraising source to help Arizona nonprofits build more permanent and supportive housing that will help our state's most vulnerable citizens. The Fund's equity grants will enable more housing units to be constructed, with the goal of reducing homelessness throughout the state. Funding primarily comes from a voluntary escrow donation program, where homebuilders, developers, agents, and title companies participate in the program and give buyers and sellers an opportunity to donate to the AZHF. Tax-deductible donations from individuals, foundations, nonprofits, and for-profit corporations are also welcome. To learn more or to donate, visit arizonahousingfund.org.
About the Arizona Multifamily Housing Association

Founded over 50 years ago, the Arizona Multihousing Association is the statewide trade association for the apartment industry, representing more than 2,000 members in legislative, legal and regulatory matters. The AMA provides services, products, educational programs and networking opportunities to promote ethical, quality rental housing throughout Arizona.

More Dogs Moving Up from Apartments to Homes

When pandemic-driven people started looking for bigger, less urban homes, they put a high value on pet amenities, like backyards and durable flooring.

May 10, 2022Florida Realtors FloridaRealtors.org

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NEW YORK - Pets play an increasingly important role in shopping for a home. Not only did more Americans become pet owners during the pandemic, they also prioritized their pets' needs when looking for a home or rental.

Close to half of all pet owners (43%) said they'd be willing to move to accommodate their pet, according to a 2021 study from the National Association of Realtors®. What's more, 68% of pet owners surveyed by realtor.com would pass on an otherwise perfect home if it didn't meet their pet's needs.

"As we ease back into a post-pandemic lifestyle, we see residents and potential residents ... making significant changes to accommodate their pets' needs - even more than they did in the past," says Josh Hartmann, CEO of NexMetro Communities, a developer of luxury leased-home neighborhoods.

A survey from NexMetro found that more consumers say they're spending more time with their pets and showing an increased desire for more pet-friendly conveniences.

Top amenities pet owners desire
Fenced-in backyard
Durable flooring
Trails and sidewalks
Adequate square footage
Outdoor play areas
"In the past, individuals may have been comfortable in an apartment with their pet," Hartmann says. "However, once they began working from home or spending more time at home, they sought more space for themselves and their pet. They're focused on what they perceive will create an enhanced quality of life for their pets."

NexMetro is building communities that prioritize pets. For example, the company's Avilla Homes neighborhood in Arizona offers single-family rentals with sidewalks, green spaces and animal play areas that encourage pet ownership activities and connection, they say. Each detached rental home also includes individual yards for pets. Inside, the homes have easy-to-clean hard-surfaced floors and pet doors.

Pet Owners Want These Home Amenities

May 09, 2022Realtor.com Realtor Magazine

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Pets have been playing an increasingly important role in shopping for a home. More Americans have become pet owners during the pandemic, and they're prioritizing their pets' needs when looking for a home or rental. Forty-three percent of pet owners say they'd be willing to move to accommodate their pet, according to a 2021 study from the National Association of REALTORS®. What's more, 68% of pet owners surveyed by realtor.com® say they would pass on an otherwise perfect home if it didn't meet their pet's needs.

"As we ease back into a post-pandemic lifestyle, we see residents and potential residents at our communities nationwide making significant changes to accommodate their pets' needs-even more than they did in the past," says Josh Hartmann, CEO of NexMetro Communities, a developer of luxury leased-home neighborhoods.

A new survey from NexMetro found that more consumers say they're spending more time with their pets and are showing an increased desire for more pet-friendly conveniences. The following are top amenities that pet owners say they're looking for:

Fenced-in backyard
Durable flooring
Trails and sidewalks
Adequate square footage
Outdoor play areas
"In the past, individuals may have been comfortable in an apartment with their pet," Hartmann says. "However, once they began working from home, or spending more time at home-they sought more space for themselves and their pet. They are focused on what they perceive will create an enhanced quality of life for their pets."

NexMetro is building communities that are prioritizing pets. For example, the company's Avilla Homes neighborhood in Arizona offers single-family rentals with sidewalks, green spaces, and animal play areas that encourage pet ownership activities and connection, they say. Each detached rental home also includes individual yards for pets. Inside, the homes have easy-to-clean hard-surfaced floors and pet doors.

Renting the American Dream: Build-to-rent communities fill supply shortage amid housing crisis

Build-to-Rent: Changing the American Dream?

Apr 25, 2022Michael Paluska ABC Action News Tampa Bay

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TAMPA, Fla. - Housing experts describe the hybrid build-to-rent model as "the biggest change in residential real estate that we've seen in our lifetimes." But, what does it mean for single-family homeownership and the future of housing?

NexMetro launched its first community 10 years ago in Arizona. The motto on their website is "rents like an apartment, lives like a home."

And, if anything breaks, it's a rental, so you don't pay for maintenance, and transitioning later on to a product you can buy is off the table.

"This is a for rent only product, okay, so for rent only in perpetuity," William Hulton, Vice President of Development for NexMetro in Florida, said. "And we do not develop this product with that (buying later) in mind. It is intended at the onset and throughout its life to be a full rental product."

Hulton told ABC Action News reporter Michael Paluska that the hybrid model is catching on.

"This is our flagship entry into Florida, and the first in Pasco County, to my knowledge," Hulton said. "And, we have several others in the pipeline within Pasco, Hillsborough, and Manatee. The market is driving the demand for it. And as an alternative, I don't think there's a better alternative for those looking for a different experience than the traditional big box."

In our housing supply crisis, the build-to-rent model fills something housing experts identify as the missing middle.

"And, that is that middle ground between apartments and single-family homes, and there's very little built-in that in-between zone for the past decades," Brad Hunter, the owner of Hunter Housing Economics, said. "So, now we have this new, you know, a 10-year-old segment of real estate that is starting to fill in that missing middle. It's still going to be a much smaller segment of real estate than apartments. But it is going to get up to that level. And, I think that's a good thing. I think it's going to help. It's going to give people more options."

Hunter said his research shows there is a shortage of housing targeting the needs of young families. Millennials are having children now and want a suburban home with a yard. There were an estimated 95,000 homes built for rent last year (nationwide), and BFR communities are leasing up as rapidly as they can be built.

Build-to-rent communities fill supply shortage amid housing crisis

Build-to-rent community in Pasco County, Avilla Suncoast.
By: Michael PaluskaPosted at 6:26 AM, Apr 25, 2022 and last updated 4:19 AM, Apr 25, 2022
TAMPA, Fla. - Housing experts describe the hybrid build-to-rent model as "the biggest change in residential real estate that we've seen in our lifetimes." But, what does it mean for single-family homeownership and the future of housing?

NexMetro launched its first community 10 years ago in Arizona. The motto on their website is "rents like an apartment, lives like a home."

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And, if anything breaks, it's a rental, so you don't pay for maintenance, and transitioning later on to a product you can buy is off the table.

"This is a for rent only product, okay, so for rent only in perpetuity," William Hulton, Vice President of Development for NexMetro in Florida, said. "And we do not develop this product with that (buying later) in mind. It is intended at the onset and throughout its life to be a full rental product."

Hulton told ABC Action News reporter Michael Paluska that the hybrid model is catching on.

"This is our flagship entry into Florida, and the first in Pasco County, to my knowledge," Hulton said. "And, we have several others in the pipeline within Pasco, Hillsborough, and Manatee. The market is driving the demand for it. And as an alternative, I don't think there's a better alternative for those looking for a different experience than the traditional big box."

In our housing supply crisis, the build-to-rent model fills something housing experts identify as the missing middle.

"And, that is that middle ground between apartments and single-family homes, and there's very little built-in that in-between zone for the past decades," Brad Hunter, the owner of Hunter Housing Economics, said. "So, now we have this new, you know, a 10-year-old segment of real estate that is starting to fill in that missing middle. It's still going to be a much smaller segment of real estate than apartments. But it is going to get up to that level. And, I think that's a good thing. I think it's going to help. It's going to give people more options."

Hunter said his research shows there is a shortage of housing targeting the needs of young families. Millennials are having children now and want a suburban home with a yard. There were an estimated 95,000 homes built for rent last year (nationwide), and BFR communities are leasing up as rapidly as they can be built.

"My forecast is that for the next five years, we're going to continue to see the supply chasing the demand," Hunter said. "I think that will eventually get to around 160,000 to 180,000 per year being produced, which is still only about 40% of all the apartments that are being produced in the country."

As property values reach historic levels, Hillsborough County Property Appraiser Bob Henriquez is trying to raise awareness about the issues we are facing.

"This is a remarkable increase in value. We could use the terms historic and extraordinary," Henriquez said. "I don't know that we've ever seen this, this magnitude of increase in overall property value. What my fear is the most of the average person being squeezed out of, out of what we know is to be, you know, very special community," Henriquez said.

The data is still getting crunched, but Henriquez said on average, values have gone up 20% across the county, in some areas, even higher.

"The ones that are going to be affected the most are new or new homebuyers. Folks that are new construction. And that is passed folks that are renting," Henriquez said.

One central area of concern is homestead exemptions and the 10% non-homestead cap.

Once a home changes ownership or use, the value is assessed without the protections at today's market rate.

"Non homesteaded property investors that have come in and bought some of the market where they wouldn't have been protected by a 10% cap previously, they're going to feel the full brunt of this increase," Henriquez said. "Even if the market were to tank tomorrow, the trim notice that you received this year will be based on the value as it was January 1 of 2022."

While increases in Tampa Bay are pricing some locals out of the market, we remain more affordable than big cities like New York, San Francisco, and Miami. And, Tampa's secret is out.

"It is pretty intense right now. But, you know, I love this region. I love the Tampa Bay region," Nancy Surak, a managing broker for the Land Advisor's Organization in Tampa, said. "I've been saying for decades that when the word got out, the secret got out on our region, that, you know, we wouldn't be able to turn off the demand spigot, and here we are."

Surak said there are bidding wars in all asset classes. The only market she doesn't see demand in is office space. This makes sense as corporations are slow to return to work. One industry Surak also predicts we will grow in is build-to-rent.

"So it's not a new concept. It's a new concept from a development perspective," Surak said. "I don't think it will be a displacement of the single-family home. I think it's an alternative to folks who have traditionally been serviced in the apartment rental space. A number of people want to put this in the bucket of its direct competition with the home builder, and with the home consumer. So I go back to it's just another product type. And if demand is there, the market will solve the problem of demand, and that's really where we're at."

"Are we heading towards prices inflation so high that we have to now rent the American dream as opposed to buy?" Paluska asked.

"I think the better question is, does this next generation, what my generation and people older than me have defined as the American Dream, think the American Dream is being redefined by this younger group of people who maybe don't want what mom and dad strive so hard to achieve," Surak said. "They want freedom and the ability to be flexible and fluid as to where they live."

Hulton agrees. So, the question now is, is the definition of the American Dream changing.

"Is it about the American dream? Building these homes where people can come in and know that they have a piece of that and not have to worry about all the other stuff that comes with buying?" Paluska asked.

"I think our position is that fundamentally, I think Americans or consumers, in general, have changed the way they view the American Dream to a large extent," Hulton said. "And, you know, that may mean staving off purchasing a home that may be putting off marriage or extending your youth a little longer through the years before they jump into that full commitment of purchasing a home. So this fits a very, very necessary niche in the market."

NexMetro Communities exec: growing Fort Worth area 'ideal' for the firm's build-for-rent product

Apr 25, 2022Spencer Brewer - Staff Writer, Dallas Business Journal

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Following its recent delivery of a Fort Worth community, build-for-rent titan NexMetro Communities has no plans of slowing down in Tarrant County.

The Arizona-based developer recently opened Avilla Trails, a 230-home neighborhood in Fort Worth. In Tarrant County, NexMetro Communities has various communities in the works in places like Arlington and Grand Prairie, which are set for delivery in the near future.

NexMetro Communities seeks to fill what it sees as a critical shortage in this asset class.

"Given the choice between an attached multifamily product or what we're doing, people pick us every time," said Steve Fritzer, managing director for Dallas-Fort Worth.

The firm has made a big bet on North Texas and has 2,500 homes across 15 projects in various stages. Of that, 800 homes are complete, and nine projects in North Texas are currently under construction or in pre-construction.

The recently completed Avilla Trails joins Avilla Fossil Creek in Fort Worth, Avilla Reserve in Justin, and Avilla Boat Club in Fort Worth. Fritzer said several more communities that the firm either has under contract or is negotiating on in Tarrant County.

The company doesn't have specific targets for growth but still sees North Texas as a great opportunity for more neighborhoods. NexMetro Communities is working to stay ahead of the wave of growth.

"It's not like we're gonna hit 10,000 units and then stop," Fritzer said. "If the growth is there, I'm gonna be a year ahead of it,"

Dallas-Fort Worth ranks third nationally by the number of single-family rentals, with 4,290 houses in build-to-rent communities. Communities of houses built for renting have become a hot trend in homebuilding, and residential living as renters look for more options that provide more space and privacy.

The company has long seen demand from what it calls the renter by choice, which is a fairly diverse demographic. These are people who can buy but choose to rent. Frequent customers include Millennial professionals, people in transition such as new couples and pre-retirees, said Jacque Petroulakis, executive vice president of marketing and investor relations for NexMetro Communities.

NexMetro Communities seeks to plant its product, Avilla Homes, in growing suburban areas with easy freeway access and employment corridors. The Fort Worth area is an ideal location for the Avilla Homes offering.

"We are not a growth for growth's sake company, but we are growing in the Dallas-Fort Worth area exponentially because of the considerable demand out there," Petroulakis said.

The only limitations the company faces are those surrounding zoning. NexMetro Communities' products are between single-family and multifamily but get lumped into multifamily classifications. Fritzer said every project he's working on requires an explanation about the product and how it works.

"There are many different ways to execute a single-family rental offering," Petroulakis said. "This is just one of them that happens to be very popular with various consumers in the market."

NexMetro Expands Metro Footprint with the Opening of Two New Single-Family Rental Neighborhoods in Phoenix

Innovative single-family rental developer continues meeting demand for renters by choice

Mar 15, 2022The Ferraro Group

March 15, 2022 (Phoenix, AZ) -- NexMetro Communities, pioneer developer of luxury leased home neighborhoods, is opening two new Valley communities, offering more lifestyle options in the country's hottest housing market. Avilla Canyon, located in North Phoenix and Avilla Magnolia, southwest Phoenix, add to the company's established presence in the Valley with 23 communities either completed or under construction.

"Phoenix is ground zero for single-family rental homes, and where we launched our first purpose-built communities for renters by choice," said Linda Coburn, NexMetro's Vice President of Asset Management. "Demand remains incredibly strong as long-time Valley residents look for a new type of suburban living and those moving to Arizona seek a lifestyle experience that combines the best of living in a single-story detached home with mortgage-free, maintenance-free leased living."

Avilla Canyon and Avilla Magnolia bring NexMetro's highly sought-after single family, built-to-rent neighborhood concept to areas of the Valley seeing continued growth and expansion. NexMetro's Avilla Homes rental neighborhoods offer a unique alternative to traditional rentals meeting the needs of a diverse group of individuals and families. The conveniently located neighborhood of Avilla Canyon sits on 19 acres just off the I-17 while Avilla Magnolia occupies nearly 15 acres near the I-10 and the recently expanded Loop 202.

Coburn added that Avilla Homes residents typically have the wherewithal to buy but are choosing to rent because of a lifestyle. "They may be young professionals looking for convenience and proximity to employment opportunities or often times are baby boomers, simply downsizing and looking to scale back while increasing their freedom, and discover our Avilla Homes can meet all their needs."

Both Avilla Canyon and Avilla Magnolia provide residents the benefits of a purpose-built, gated community with detached homes and resort-inspired amenities. The interior elements are best-in-class and deliver the luxury of an individual home with private entrances and backyards, high ceilings, single-level open floor plans and outdoor patios. The pet-friendly communities also boast spacious, resort-style pools, spas, dog parks, grilling stations, green spaces, fire pits and gathering areas.

Located just off the northbound lanes of I-17, Avilla Canyon provides convenient proximity to several popular retail centers, growing business districts, freeway access, and desert trailheads. Avilla Magnolia, located near the new Loop 202 freeway expansion, positions itself as the premier housing destination in Buckeye, AZ where employment opportunities continue to increase, and outdoor recreation opportunities abound.

The cottage-style homes in both communities range from one, two and three bedrooms with thoughtful floor plans that offer extra storage, high ceilings, stainless steel appliances, full washer and dryer, elegant hard-surface flooring, and air conditioning to create a different take on suburban living.

For more information, to schedule a tour or to view pre-leasing opportunities, please visit: https://www.avillacanyon.com/ or https://www.avillamagnolia.com/

With nearly $2 billion completed or in development in national markets, NexMetro is the leader in this industry and one of the first to originate the concept of build-to-rent. This innovative developer has more than 7,000 homes representing more than 40 projects completed or under construction in Phoenix, Dallas, Denver, and Tampa. NexMetro's continued expansion in the Valley demonstrates the company's strategic growth in key locations with demand by lifestyle-conscious consumers of all walks of life who would rather lease than own a home.

Dallas-Fort Worth ranks third nationally in number of built-to-rent houses

Feb 02, 2022Bill Hethcock - Senior Reporter, Dallas Business Journa

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Dallas-Fort Worth ranks third nationally by the number of single-family rentals, with a total of 4,290 houses in built-to-rent communities. The wave is growing fast, with twice as many build-to-rent homes now under construction compared to the number completed last year - and that was a record year.

NexMetro Communities Opens First Single Family Rental Neighborhood in Central Florida With 152-Home Avilla Suncoast in Odessa

Jan 18, 2022Multifamily Biz

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PHOENIX, AZ - NexMetro Communities, a pioneer developer of luxury leased home neighborhoods, announced the opening of its first Florida community, Avilla Suncoast, a 152-home neighborhood in Odessa.

Avilla Suncoast brings NexMetro's in-demand single-family, built-to-rent neighborhood concept to Tampa, offering a unique alternative to traditional rentals. The intimate 13-acre neighborhood offers the benefits of a purpose-built new home gated community with single-level, detached homes for lease with resort-inspired amenities. The interior elements are best-in-class and provide the luxury of an individual home with private entrances and backyards, high ceilings, open floor plans, and outdoor patios. The pet-friendly community also boasts a spacious, resort-style pool, spa, dog park, grilling stations, green space, fire pit, and gathering areas.

"Demand for single-family rental homes remains incredibly strong as consumers seek this unique lifestyle experience that combines the best of a single-story detached home and mortgage-free, maintenance-free leased living," said Linda Coburn, NexMetro's Vice President of Asset Management, adding that "The opening of Avilla Suncoast and our expansion into Central Florida validates the tremendous appeal of this hybrid housing offering to diverse consumers in all stages of life."

Betty White would totally approve of this real estate trend

Jan 11, 2022MSN.com

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By one measure, the hottest trend in housing has gone to the dogs.

As in pet dogs.

Some 60 million American households, about half, own a dog, and most of those dog owners prefer to open their back door to let their pets out. For that, they need a house.

Enter single family residential (SFR), and its newer cousin, build-to-rent (BTR) communities. One of the prime players in this space, NexMetro Communities, offers 1-bedroom, 1-bath villas that rent for $1,600-$2,000 a month in its Avilla communities in Arizona, Colorado, Texas and Florida.

How the Pandemic Supercharged Sprawl

Fueled by a desire for space and liberated by remote work, homebuyers are pushing development ever deeper into the suburban outskirts of U.S. cities.

Jan 05, 2022Bloomberg City Lab

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When Ronnie Martin graduated from high school in Murfreesboro in 1992, the small city in central Tennessee had "the charm of a sleepy town."

No longer: In the past 30 years, Murfreesboro has exploded in population, growing 20% in just the last five years.

As a banker who does real estate construction lending and a member of the city council (with a former stint on the planning commission), Martin has enjoyed a front-row seat. Growth has transformed strips of farmland lining State Highways 99 and U.S. Route 231 into 200-home developments, which, at the right time of day, boast 40-minute commutes to Nashville. He believes what the city has gained has far outweighed what it lost.

More build-to-rent home developers enter Phoenix - ground zero for unique hybrid model

Dec 23, 2021Phoenix Business Journal Phoenix Business Journal

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Tt's no secret metro Phoenix is ground zero for the unique build-to-rent market that is taking the country by storm as more developers are entering the Phoenix market to get a piece of the action.

This unique hybrid model made popular by Phoenix-based NexMetro Communities and Mesa-based Christopher Todd Communities pairs the luxuries of single-family detached homes with their own backyards built into a community rich with amenities, including resort-style pools, clubhouses, dog parks, barbecue pits and other amenities.

Denver-area build-to-rent community sells for record high, confirming market trend

Dec 22, 2021Denver Business Journal

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One of the first communities of completed build-to-rent homes in the Denver metro area sold for a record price, further cementing the trend of developers building houses with renters in mind.

Phoenix-based NexMetro Communities, which develops luxury leased home neighborhoods, sold Avilla Prairie Center at 2103 Peregrine Drive in Brighton on Dec. 14 for $63.1 million. With 136 homes in the neighborhood, it represents a $464,000-per-unit transaction, which brokers said is a record for a product like this.

"It'll do nothing more than make developers want to find more property and build more," said David Potarf, managing director at Walker & Dunlop and one of the brokers who listed the property. "Everybody knows it's what tenants want right now. It's like owning a home but you don't have to put the down payment down, you're just paying your rent. The high price per unit is going to spur more development."

NexMetro has a portfolio of neighborhoods of this kind, which it calls Avilla Homes, in cities like Phoenix, Dallas, Denver and Tampa...

Rental-only subdivision moves into the Tampa Bay area

Nov 18, 2021By FOX 13 News Staff FOX 13 Tampa Bay

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Rental communities are going from vertical to horizontal.

Avilla Suncoast in Odessa is an upcoming subdivision of rentals only. It's a new trend in housing: Single-family, built-for-rent communities. The developer, NexMetro, has similar subdivisions in Phoenix, Denver, and Dallas-Fort Worth.

"What makes it unique is that it's all single-story and detached. We offer a best-of-both-worlds scenario for consumers. Lifestyle and finish of a home with the convenience of a lease, no-hassle maintenance-free living," explained William Hulton, the vice-president of development for Florida NexMetro Communities.

"We offer a single floor, detached, private entrances, private backyards. No shared walls, except in the one-bedrooms you share one wall another unit. There are garages available. We have a resort-style pool amenities. We have dog parks, grilling stations, green space, gathering areas, fire pit. We also provide residents a full-size washer and dryer."

This is the first Florida location.

Phoenix developer says $37.2M sale shows 'long-term' value

Nov 12, 2021By Brent Ruffner YourValley.net

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A Phoenix-based developer announced the $37.2 million sale of a build-to-rent community along Deer Valley Road in north Phoenix.

The developer, NexMetro Communities, announced the sale of the single-family rental Avilla Homes project - a transaction officials say is "a record milestone that shows the long-term value" of the Avilla brand of single family rental neighborhoods in the Valley.

The sale closed Oct. 29. Officials said units in the Avilla Paseo community, which has 89 homes, sold for about $418,000 each - more than double the company's first Phoenix-area asset sale, which took place in 2018, a press release said.

In June 2018, its sale of a similar Goodyear community fetched a lower $200,000 per unit, the press release said.

The property of the most recent sale is at 3425 W. Deer Valley Road in Phoenix. It was sold the project to Logan Capital Advisors of San Diego.

"This NexMetro sale further validates the tremendous value in the market for the higher quality leased-living experience that makes Avilla Homes such a unique alternative to the typical apartment rental," said Richard Van Wert, chief investment officer of NexMetro Communities.

BUILD-TO-RENT BONANZA

Hybrid model with Valley roots is a national trend as demand for rooftops explodes

Nov 12, 2021By Angela Gonzales Phoenix Business Journal

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The build-to-rent hybrid model that offers detached, single-family homes built within a community with rich amenities is gaining traction in metro Phoenix and across the nation. Here's a look at what four heavy-hitter homebuilders are doing to disrupt the traditional housing market.

NexMetro sells another Valley build-to-rent community as property values soar

Nov 09, 2021By Angela Gonzales Phoenix Business Journal

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The wildly popular build-to-rent sector continues to surge in metro Phoenix, as one of the first companies to get into this space has sold another property - and bringing in more than double the value of its first property sale in 2018.

Sales Value of NexMetro Single Family Rental Community Offering Doubles in Three Years

Luxury-leased Avilla Homes developer sees asset value soar as demand for single-family rentals remains strong

Nov 01, 2021The Ferraro Group

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NexMetro Communities, pioneer developer of luxury leased home neighborhoods, announced today the closing of a $37.2M sale of a single-family rental (SFR) Avilla Homes project in north Phoenix, marking a milestone transaction for the company and the asset class.

The dramatic increase in sales value NexMetro has seen in its SFR offering is unprecedented, said Richard Van Wert, Chief Investment Officer of NexMetro Communities. The sale of Avilla Paseo, located at 3425 W. Deer Valley Road in Phoenix, represents a nearly $418,000 per unit transaction - more than double the company's first Phoenix metro asset sale that took place in 2018.

"This NexMetro sale further validates the tremendous value in the market for the higher quality leased- living experience that makes Avilla Homes such a unique alternative to the typical apartment rental," Van Wert said.

NexMetro sold the 89-home Avilla Paseo neighborhood on Oct. 29, representing nearly $418,000 per unit. In comparison, the company's asset sale in Goodyear took place in June 2018 for approximately $200,000 per unit.

NexMetro has nearly 7,000 homes completed, under construction or in site development in multiple markets across the country, and typically looks to hold most of its Avilla Homes projects for longer-term operation, said Jacque Petroulakis, executive vice president of investor relations and marketing for the company.

"For nearly ten years, NexMetro has been proving the value of its innovative Avilla Homes product offering in the Phoenix market," Petroulakis said, adding that the first Avilla projects opened in Tucson in 2011. "Today, the demand for our Avilla Homes business model is sought after by consumers, municipalities and our investors alike."

Van Wert said capitalization rates today have continued to compress given the significant rent growth registered in the SFR space in metro Phoenix. He said this, combined with continued low interest rates and a seemingly ever-increasing universe of interest from prospective buyers, will push the asset sales milestone for the product even higher. He said the company wanted to again prove the Avilla Homes value through a market-driven asset sale.

NexMetro sold the project to Logan Capital Advisors (LCA) of San Diego, which owns and manages a more than 4,000-unit portfolio of both market rate and affordable multifamily located in Arizona, California, Nevada and Colorado. LCA entered the Phoenix market in April 2020 and has since purchased four multifamily communities for a total of $175 million.

"We are excited about the economic activity occurring in North Phoenix with the construction of TSMC's new $12B semiconductor plant, just seven miles from Avilla Paseo. In addition, we love the single-family rental space," said Ruben Islas, LCA Founding Partner. "We believe it provides a premium rental experience for residents, and subsequently a superior return for LCA and our investors. It has been a pleasure working with NexMetro and Berkadia in completing this transaction."

Mark Forrester, senior managing director of Berkadia Phoenix, represented NexMetro in the sale of the property. He said the project, which accepted offers in early October, received strong interest from the investment community.

The detached, single-level one-, two- and three-bedroom homes include hallmark Avilla features such as private backyards and front entries, open floor plans, 10-foot ceilings, granite countertops, stainless steel appliances, hard-surface flooring throughout as well as unique energy-saving innovations. The neighborhood is gated and offers garages, covered parking areas and amenities such as a resort-style pool and spa, outdoor grills, lounge areas, dog parks, walking areas and open space that appeals to a variety of individuals in all stages of life from professional millennials, people in a life transition (single midlife or young couples) to baby boomers/retirees.

The Market for Single-Family Rentals Grows as Homeownership Wanes

House hunters are attracted to the hassle-free living and lack of down payments, but there's a trade-off: They give up the investment of owning a home.

Oct 22, 2021By Debra Kamin The New York Times

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The lawns are manicured. The swimming pools sparkle in the sun. And the homes, all of them turnkey and smelling of fresh paint, are lined up in tidy rows, an army of cookie-cutter porches standing at attention.

Covid-19 inflamed the real estate market, pushed Americans toward the suburbs and changed our relationship with where we live, work and play. It also accelerated interest in built-to-rent housing, which even before the pandemic was expanding at a breakneck pace.

The number of built-to-rent homes - single-family homes constructed expressly for the purpose of renting - increased 30 percent from 2019 to 2020. Today, they make up about 6 percent of all new homes being built in the United States, and that number is poised to double in the next 10 years. This is the fastest-growing sector of the American housing market, and it is increasingly master-planned and built on tracts. On the fringes of America's second-tier cities, entire villages owned by large-scale investors are popping up, offering renters who either can't or don't want to spring for a down payment another path to the American dream.

'Build-to-Rent': Is It the Next Big Thing in Rental Housing?

Oct 07, 2021By Scott Sowers NAAHQ.org

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Homebuilding titans are moving into the rental business by constructing entire communities of rental homes. The business model stretches back to the 1980s and really took off after the Great Recession of 2008. Known as build-to-rent (BTR), single-family rental (SFR) and single-family-built-to-rent (SFBR), the communities are attracting significant interest and capital investment as homeownership in the country is currently below 66% and is expected to keep declining during the next 20 years.

Built-for-rent houses coming to Tampa Bay suburbs as industry booms

One analyst said the industry is "like a tidal wave that is just about to crash on the beaches of Florida."

Sep 29, 2021By Emily L. Mahoney Tampa Bay Times

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Florida has long been home to the sprawl of suburbia - the landscapes of near-identical houses with emerald lawns are as quintessential to the state as its reptile-filled swamps.

But a new type of suburb is sprouting around Tampa Bay: those with new homes only for rent.

Even as the housing market has an insatiable demand of homes for sale, a growing contingent of companies is focusing on constructing built-for-rent subdivisions for what they describe as an equally hungry clientele that signs leases almost as quickly as the homes can be erected.

The built-for-rent trend started in Arizona, and after much success has been spreading, with rental communities appearing in Denver and then Texas, said Brad Hunter, founder and president of Hunter Housing Economics, which advises developers and investors.

Rent-only communities go up across Phoenix area

Aug 16, 2021By Kylee Cruz AZfamily.com

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Dreaming of moving into a home, but can't afford to buy one or don't want to deal with maintenance costs? Rent-only communities are popping up across the Valley for people who want space and privacy, but don't want the burden of a mortgage.

"You rent, but you have the house feel but anything that happens to the home I mean basically is covered," renter Nekedra Fulce said. Fulce loves her 3-bedroom home at Avilla Gateway where she enjoys the high ceilings, countertops and maintenance-free living.

"You rent, but you have the house feel but anything that happens to the home I mean basically is covered," Fulce said.

NexMetro Communities developed Avilla Gateway and other rent-only communities like it.

Not For Sale

Why a new type of housing development in markets like Denver has become 'the hottest topic' in real estate

Aug 13, 2021By James Rodriguez Denver Business Journal

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Developers across the Denver metro are building hundreds of new, single-family homes that will likely never be sold to individual buyers. Here's what's driving that trend.

NexMetro Communities continues Phoenix expansion

Jul 28, 2021By AZRE AZ Big Media

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NexMetro Communities, a leading developer of luxury leased-home neighborhoods, has closed on three new land acquisitions in Phoenix and Peoria. Sitework will begin this summer on all of the Avilla rental communities, with the units becoming available to residents within the next 18 to 24 months.

The company's growth in Arizona brings the total number of Avilla Homes completed and under development by NexMetro to more than 4,800, representing 40 unique investment partnerships in Phoenix, Dallas, Denver and Tampa metro areas. NexMetro has an additional 1,800 homes currently in pre-development.

4 Things to Know About Built-to-Rent Homes

Jul 23, 2021By Mike Dunn, Kristina Guerrero The List TV

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The Rise of Built-To-Rent Single Family Suburbs

Jul 08, 2021By Simone Boyce NBC News

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Future Returns: Investing in the Undersupplied U.S. Housing Market

Jul 06, 2021By Rob Csernyik Barrons.com

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Investors pour money into build-to-rent projects in Colorado

Jun 30, 2021By Adi Guajardo TheDenverChannel.com

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Two Arizona-based real estate companies are targeting Colorado to invest in build-to-rent home neighborhoods.

Owning a home can feel nearly impossible in a competitive market like Denver where homes are selling more than $100,000 above the asking price and multiple offers are taking houses off the market faster than ever. The average price for a single-family detached home in the Denver metro area is upwards of $700,000, according to the Denver Metro Association of Realtors. To give potential buyers and renters more options and liberty, investors are buying up land and building neighborhoods of homes specifically zoned to be permanent rentals.

Avilla Homes expands to Peoria

May 05, 2021By Allison Engstrom PeoriaTimes.com

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NexMetro Communities is continuing to expand its single-family rental homes by adding a new community in Peoria.

Avilla Lago in Peoria will be located at 10310 W. Beardsley Road, nearby Glendale and Phoenix. It will feature single-level homes with options for one to three bedrooms. Rent starts at $1,380 per month.

They aim to remain modern with high ceilings, granite countertops, stainless steel appliances, washer and dryer, and hard-surface flooring.

NexMetro and Avilla Homes offer a unique experience to people who are interested in renting a home rather than buying a house or leasing an apartment. The Phoenix-based developer has 11 luxury leased-home neighborhoods across the state, with additional developments on the horizon

NexMetro plans rental home community in Mesa

Apr 27, 2021By Tribune News Staff East Valley Tribune

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NexMetro Communities, a Valley developer of luxury leased-home neighborhoods, is bringing its innovative approach to single-family rental homes with a new community in Mesa.

Avilla Enclave, a 96-home neighborhood in Mesa, is one of six new communities it plans this year in the Phoenix Metro area.

The company boasts its housing provides "renters with the lifestyle of a new home with the carefree maintenance of a lease."

"The single-family rental home category has experienced exponential demand from individuals and families preferring the ease that a rental lifestyle brings, especially in the Valley," said Brian Rosenbaum, executive managing director of NexMetro Communities' Phoenix Division.

"As solid job and income growth, household growth and supply demand and high occupancy rates continue to remain strong; we anticipate this housing trend will remain especially robust, especially as house prices skyrocket in one of the hottest real estate market in the nation."

Developer looking to build up to 32 high-end homes on flank of North Table Mountain

Feb 17, 2021By Paul Albani-Burgio Arvada Press

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A builder once again has plans for the northern flank of North Table Mountain.

This time, the vision is to build up to 32 new single family homes on 30 acres located off of West 58th Drive.

A portion of that parcel, which is owned by Charles Williams, had recently eyed for development by another developer, NexMetro, as part of a proposal to build a 235-unit rental community on the mountain. NexMetro has since abandoned that proposal and is now seeking to build that community on land at the intersection of West 54th Avenue and McIntyre Street.

Construction ramping up for hybrid build-to-rent communities across metro Phoenix

Build-to-rent pipeline exceeds $800M in metro Phoenix

Feb 03, 2021By Angela Gonzales Phoenix Business Journal

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Nearly two dozen build-to-rent projects representing more than 3,800 units are under construction across metro Phoenix, as this hybrid model of single-family homes built in a rental community grows in popularity among renters, builders and investors.

With more than 3,750 units already existing in the market, another 4,700 units are in various planning stages, said Thomas Brophy, national director of research and analytics for Colliers International.

Land Advisors sells 13 acres in Peoria for $3.25M

Jan 28, 2021AZBigMedia.com

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Land Advisors Organization's Metropolitan Phoenix office announced the sale of approximately 13 acres of land within the Mystic at Lake Pleasant Heights community located in Peoria, Arizona.

Arizona-based NexMetro Communities, a leading developer of luxury leased-home neighborhoods, purchased the site for nearly $3.25 million and plans to begin constructing phase one of the community, which will comprise 263 luxury multifamily units.

NexMetro is the third builder to land in this nearly 1,090-acre community being developed by a partnership between Avanti Properties Group and Voyager Investment Properties LLC, led by Principals Mark Voigt and Dave Rogers.

The Peoria land is located on El Mirage and Westland roads, east of the first phase of 423 lots in the Mystic at Lake Pleasant Heights Community where Lennar Homes and Taylor Morrison are scheduled to start new homes sales this month.

Five new developments that could change North Table Mountain and Fairmont

Nearly 500 units proposed outside Golden

Jan 25, 2021By Paul Albani-Burgio Golden Transcript

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Another builder leaps into Dallas-Fort Worth single-family rent home fray

Jan 20, 2021By Bill Hethcock Dallas Business Journal

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Build-to-rent homes becoming popular in the Phoenix-area

Jan 19, 2021By Nicole Garcia Fox 10 Phoenix

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The Phoenix-area has become one of the epicenters of a new trend in the housing market - build-to-rent developments. Developers are constructing brand new single-family homes in gated communities and renters are flocking to them.

Texas builder investing in new D-FW rental home communities

Jan 19, 2021By Steve Brown Dallas Morning News

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Buckeye targeted for wildly popular build-to-rent project

Jan 11, 2021By Angela Gonzales Phoenix Business Journal

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Homebuilding in the U.S. needs to seriously catch up.

Following the Great Recession, fewer single-family homes were built in the 2010s than any other decade in the last 60 years, leaving a gap of 5.5 million units, according to the National Association of Realtors. The need for supply is fueling new types of deals, creating opportunities to invest in areas like land banking, which were once given short shrift by investors.

Housing market trend heading to Florida: Single-family homes to rent, not buy

The national trend has made its mark in Arizona, Texas and Colorado, and it's coming to Palm Beach County, builders and analysts say.

Dec 16, 2020By Alexandra Clough Palm Beach Post

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Would you rather rent than own, but hate the idea of living right next to someone else? There's a new trend afoot: newly built, single-family houses that are for rent only.

In the latest twist on the housing market, builders and analysts say the trend, prevalent in the western United States, is moving east, including into Florida.

NexMetro Communities, a national home builder based in Arizona, is building a rental residential community in Tampa, and the company is eying Palm Beach County, too. NextMetro builds detached one- and two-bedroom single-family houses, and one-bedroom villas.

NexMetro Communities continues massive Arizona expansion

Dec 14, 2020AZBigMedia.com

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NexMetro Communities, a leading Phoenix-based developer of luxury leased-home neighborhoods throughout the U.S., continues its nationwide expansion by adding six new communities in greater Phoenix to its portfolio.

Avilla Lago in Peoria will open with 120 homes and Avilla Enclave in Mesa will open 96 homes in Q1 2021 with pre-leasing starting in early 2021. Avilla Paseo, located at Northwest Phoenix, welcomed its first tenants in mid-May, and Avilla Gateway, welcomed new residents in July of this year.

Additionally, NexMetro has started development on Avilla Canyon and Avilla Magnolia, all located in Phoenix, with expected opening dates in late 2021 and early 2022.

Build-To-Rent Developers See Opportunity In Growing Renter Class

Dec 10, 2020By Dees Stribling Bisnow National

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Owning a detached, single-family house doesn't quite have the appeal it once did. Still, millions of Americans want to live in detached residences, even if they don't want to own them, and developers are stepping up to offer build-to-rent communities.

No single factor is driving demand for single-family rental housing, experts say. Partly, the large millennial demographic is looking for larger places to live but not always to buy, either because they can't afford it or don't want to be tied down. The coronavirus pandemic has also spurred new interest in single-family houses and the distance they provide.

Build-for-rent giant plans two new North Texas housing communities, expanding another

Dec 04, 2020By Bill Hethcock Dallas Business Journal

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By Bill Hethcock - Senior Reporter, Dallas Business Journal
Dec 4, 2020, 10:24am EST
Arizona-based single-family rental giant NexMetro Communities has accelerated its march into North Texas with land purchases for future communities in Melissa and Princeton and an expansion in Celina.

The developer of built-for-rent, detached houses has most recently closed on land positions including 23 acres on Milrany Road and 121 in Melissa, 14 acres on Highway 380 and Boorman Road in Princeton and an additional 5-acre land assemblage at The Grove on Preston Road and Frontier Parkway in Celina.

New single-family rental home project is coming to Grand Prairie

The rental community near Grand Prairie Premium Outlets off Great Southwest Parkway is slated to be ready by the end of 2022.

Dec 03, 2020By Anna Caplan The Dallas Morning News

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Plano-based contractor BBL Building Co. has broken ground on its second single-family rental home development in Grand Prairie.

Avilla Traditions, comprised of 218 one-, two- and three-bedroom units, will mark BBL's ninth time to partner with Dallas-based NexMetro Communities on a development in North Texas. The companies have capitalized on the alternative to traditional apartments, a rapidly growing segment of the market both nationally and locally, said BBL's Sara Bette.

Two Housing Subsectors Set to Strengthen

Vacation Homes, Single-Family Rentals Boosted by the Pandemic

Nov 22, 2020By Lew Sichelman Banker & Tradesman

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Two relatively small housing submarkets are starting to show signs of strengthening. One of those markets: renters looking for more space, both inside and out. The other: people looking to get away from it all, if only for a few weeks.

Renters should soon see more opportunities to lease brand-new houses specifically built as rentals, while buyers of vacation homes are already flexing their purchasing-power muscles.

The built-to-rent market is, indeed, small. Currently, only about 6 percent of all single-family houses are purposefully built as rentals, working out to about 70,000 houses a year. But that's not enough to keep up with demand, according to RCLCO, a Maryland-based advisory firm that said built-to-rent housing represents a big opportunity for its clients.

Other consulting firms have been saying the same. One, Meyers Research, has suggested that big master-planned communities should contain entire neighborhoods of rental houses. And the National Rental Home Council expects demand to surge.

NexMetro bolsters position in DFW single-family rental market

Nov 18, 2020By Bill Hethcock Dallas Business Journal

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With 14 communities representing more than 2,200 homes that have been completed or are currently under construction in Dallas-Fort Worth, NexMetro Communities has taken a big stake in the North Texas housing market.

But instead of building homes for sale, the Phoenix-based residential builder/developer's communities are constructed as single-family-home rentals, where rates are comparable to a traditional Class A apartment.

NexMetro Communities plans to bring more than 500 homes to three different Fort Worth neighborhoods within the next year as the build-to-rent movement accelerates in North Texas.

Single-family home rentals coming to market in Fort Worth area

Nov 16, 2020By Neetish Basnet Fort Worth Business Press

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Pheonix, Arizona-based developer NexMetro Communities has plans to bring more than 500 homes to three different Fort Worth neighborhoods within the next year.

The luxury residential developments will offer features similar to typical housing plans, like private backyards, front porches, high ceilings, granite countertops, stainless steel appliances and hard-surface flooring.

But unlike any other Fort Worth developments, the residential communities are "built-to-rent." Avilla Homes are single-family housing available for leasing, a housing trend sweeping across the nation as house prices skyrockets as more consumers prefer the ease that the rental lifestyle presents.

Why Build-to-Rent is the Hottest Thing in Home Building

Nov 16, 2020By Utopia Staff Constructiontopia.com

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Demand for build-to-rent single-family communities reaches new heights, driven by affordability and generational preferences and coronavirus-driven lifestyle changes.

When you visit the websites for single-family build-to-rent communities, you might not recognize the difference between these and for-sale neighborhoods. The images, marketing copy, and branding feel much the same as a for-sale community, with descriptions such as "You can feel at home in a neighborhood atmosphere where life is quiet and friendly." Or "...discover front porches and winding lakeside trails that encourage strolling and conversation with your neighbors."

And that's exactly the idea.

Build-to-rent communities offer the lifestyle of suburban, single-family neighborhood living, just without the giant down payment and lifetime commitment.

It's that lifestyle (and, for many, the greater affordability) that has sent interest in build-to-rent skyrocketing over the last few years, and investors, developers, and builders are quickly tapping into an underserved and eager market.

Builders in hot pursuit of a new target: renters

Oct 21, 2020By Beth Luberecki Business Observer

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The Avilla Suncoast development currently under construction in Odessa, Pasco County, sounds an awful lot like the standard new-home communities being built all over the region. The 152-home gated neighborhood will feature one-, two-, and three-bedroom single-family homes with private backyards, open floor plans, granite countertops and stainless-steel appliances. Community amenities include a resort-style pool and dog park.

But these new homes aren't being built for sale. The entire community is being built by developer NexMetro Communities as single-family-home rentals, where rates will be comparable to a traditional Class A apartment.

Referred to as "built-for-rent," the new residential housing niche first gained traction in states like Arizona and Texas. Builders and investors created single-family, home-rental communities, and, just like multifamily complexes, renters filled them up. Now with proof of concept, companies like Phoenix-based NexMetro Communities are coming to the Sunshine State.

Leading single-family rental developer hires VP of Development in Central Florida

Jul 10, 2020YieldPRO.com

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NexMetro Communities has hired William Hulton to oversee land acquisition and development of its new single-family rental neighborhood projects in Central Florida. The company recently closed on its first parcel in the greater Tampa market and is identifying additional sites for its Avilla Homes brand of luxury leased neighborhoods.

Phoenix developer that builds single-family rental homes enters Florida market with land buy near Tampa

Jul 01, 2020By Ashley Gurbal Kritzer Tampa Bay Business Journal

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A Phoenix developer that builds single-family rental home communities has made its first Florida acquisition in the Tampa area - and is actively chasing more land deals.

NexMetro Communities paid $3.57 million for a 13-acre site in Odessa, in the northwest corner of State Road 54 and Crossings Boulevard, in a deal that closed June 22, according to Pasco County property records.

Rental Home Developer Expands into Central Florida

Jun 25, 2020By Ingrid Tunberg GlobeSt.com

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Rental home developer, NexMetro Communities has purchased a 13-acre site for a 152-home neighborhood in Odessa, FL. The development will serve as the company's first central FL location.

The new, single-family rental neighborhood, Avilla Suncoast, will feature detached, single-level, one-, two- and three-bedroom homes. The homes will offer private backyards and front entries, open floorplans, high ceilings, granite countertops, stainless steel appliances and hard-surface flooring throughout.

NexMetro Communities expands into Florida market

Jun 25, 2020AZBigMedia.com

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Arizona-based NexMetro Communities, a leading developer of luxury leased-home neighborhoods, has purchased its first Central Florida location for a 152-home neighborhood in Odessa.

Sitework will begin immediately on the 13-acre site, which is located in a prime location near retail, freeways and employment.

Innovative Single Family Rental Developer Continues U.S. Expansion With New Central Florida location

Construction on Avilla Suncoast to begin soon in Tampa Submarket

Jun 25, 2020Tampa, FL

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NexMetro Communities, a leading developer of luxury leased-home
neighborhoods, has purchased its first Central Florida location for a 152-home neighborhood in Odessa.

Sitework will begin immediately on the 13-acre site, which is located in a prime location near retail, freeways and employment. "Demand for single-family rental homes remains incredibly strong as consumers seek this unique lifestyle experience that combines the best of a detached home and mortgage-free, maintence-free living," said Josh Hartmann, CEO of NexMetro Communities. He said NexMetro has long identified Central Florida as an ideal location for its Avilla Homes neighborhoods with its robust market indicators, land opportunities and household formation. "Our expansion into Central Florida validates the tremendous appeal of this hybrid housing offering to consumers of all walks of life."

The new Odessa single family rental neighborhood, Avilla Suncoast, is located off the northwest corner of FL-54 and Crossings Boulevard in Odessa, less than half mile from HW 589 and 15 miles north of downtown Tampa. Construction is slated to begin this month, with an opening in early 2021.

The detached, single level 1, 2 and 3-bedroom homes will include hallmark Avilla features such as private backyards and front entries, open floor plans, high ceilings, granite countertops, stainless steel appliances and hard-surface flooring throughout. The Avilla Suncoast neighborhood will be gated and offer garages, covered parking areas and amenities such as a resort-style pool and spa, outdoor grills, lounge areas, dog park, walking areas and open space.

With more than $1 billion completed or in development in the Phoenix, Dallas and Denver markets, NexMetro's entry into Central Florida reflects the company's strategic growth in key locations with demand by lifestyle-conscious consumers of all walks of life who would rather lease than own a home.

The company's expansion into Florida brings the total number of Avilla Homes built and under development by NexMetro to more than 4,800, representing 32 unique investment partnerships. Considered by many as the best risk-adjusted housing industry investment today, Hartmann said
NexMetro has new openings underway and more projects in its pipeline including additional properties in the Tampa and Orlando markets.

"More and more consumers - including a growing number of baby boomers who have owned homes for many years - are choosing to rent rather than own a home," Hartmann said. "Demand for low density, rental housing is outpacing supply. And even as mortgage rates plunge, the demand for our Avilla luxury single family rental home neighborhoods remains strong."

Typically priced competitively with surrounding A-class apartments, Avilla Suncoast will be professionally managed and offer on-site maintenance. Floorplans and additional details are available by visiting Avilla Homes at avillahomes.com or by calling 813-556-9698.

Melissa Council Approves Plans for Community of Rental Homes

Jun 15, 2020By Joshua Baethge The Anna-Melissa Tribune/Statesman.com

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At its meeting June 9, the Melissa City Council approved plans for a 19-acre master-planned development at the southwest corner of Sam Rayburn Highway and Milrany Lane.

The area will be called Avilla Springs and will include one-, two- and three-bedroom single-family residential homes. There will also be a commercial component which may or may not include a convenience store.

Developer of Neighborhoods with Leased Homes Ramps Up North Texas Land Deals

May 11, 2020By Candace Carlisle CoStar News

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NexMetro Communities, a Phoenix-based development firm behind luxury leased-home neighborhoods, is closing land deals in Texas despite the coronavirus pandemic with plans to expand its footprint this year in key U.S. cities.

The desire to remain safely at home and socially distance yourself from a traditional apartment community could be favorable for the developer's business model, built on renting individual homes, rather than apartment units, at a distance from one another.

NexMetro Communities Offers Self-Guided Home Tours

Apr 07, 2020AZ Big Media

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NexMetro Communities, a pioneer of single-level luxury leased home neighborhoods, has launched an innovative self-guided touring option. Potential renters will now be able to visit Avilla models on their own time and without the need for in-person appointments with rental agents.

In partnership with Rently, a self-touring application, people looking for a new home within an Avilla neighborhood can register for a self-guided tour online and then receive a secure code that will give them access to the community and the Avilla model home. The app also provides potential residents with a map and directions around the community, giving them the freedom to view as many amenities as they would like.

Living A Hybrid Life

Feb 28, 2020By Angela Gonzales Phoenix Business Journal

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Phoenix is ground zero for a rapidly growing hybrid rental housing product that's catching the attention of national homebuilders.

Breaking Down Barriers to Create More Housing Options in Tampa

Feb 24, 2020By Mary Shanklin Urban Land Magazine (ULI)

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Whether it's evaluating the negative impacts of single-family zoning in cities or blending single-family rental communities with apartments, developers are working to create more housing by taking new approaches, said panelists during the 2020 ULI Tampa Trends event.

The New Face Of Rental Housing: Single-Family Built-For-Rent

Jan 16, 2020By Brad Hunter Forbes

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Sometimes a small niche is growing so rapidly and becoming so important that it cannot be ignored. Whether you choose to abbreviate it BFR, B2R, or choose from a host of other iterations, the "build-to-rent" niche comprises only 5% of homes built, but it is growing rapidly and highlighting some important emerging trends in housing demand.

NexMetro Communities Secures Construction Financing for Two New Projects

The developer closed on two mezzanine construction loans totaling $24.3 million for projects in Denver and Phoenix.

Oct 17, 2019By Kelsi Maree Borland GlobeSt.com

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The two projects are innovative for-rent communities that serve as a hybrid between conventional garden-style apartments and amenitized single-family homes. Located in Peoria, Arizona, within metro Phoenix's West Valley submarket, Avilla Lago is a gated community totaling 120 modern and stylish units with one-, two- and three-bedroom single-family rental home plans. Avilla Eastlake is located in Thornton, Colorado, and totals 244 equally styled single-family rental units, with one-, two- and three-bedroom home plans ranging from 638 to 1,289 square feet.

Renters Only: These New Homes Aren't For Sale

Oct 07, 2019By Chris Arnold NPR All Things Considered

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A different sort of American dream is under construction outside Denver. More than 130 homes are being framed and nail-gunned together. But there won't be any real estate agents staging open houses. Instead of homeownership, this development is all about home-rentership.

Single-Family Built-To-Rent Communities Meet a New Range of Renter Needs

How detached units in multifamily-style managed communities-including NexMetro's Avilla Homes-are drawing in renters of all ages.

Sep 05, 2019By Mary Salmonsen Multifamily Executive

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For the most part, the recent boom in the single-family rental market was built around small and large investors buying up existing single-family homes-starting in the late 2000s with homes foreclosed on during the Great Recession-and offering them back to the market as rentals. Many of these homes were not originally built as rental properties and may be strewn across communities of owner-occupied homes.

While this poses a great solution for single-family hopefuls, traditional detached home options-built to rent or otherwise-are not feasible for many renter profiles: A full-size family home may not work for a single person, and an isolated rental property may not offer the community and amenity prospects that some renters want. In response to this need, a growing number of companies-including AHV Communities, BB Living, and NexMetro Communities-are taking a different approach to the single-family rental model with entire communities built to rent.

NexMetro Communities continues expansion plan

Jul 26, 2019AZRE: Arizona Commercial Real Estate Magazine AZ Big Media

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Phoenix-based NexMetro Communities has opened its third Avilla community in the Dallas/Fort Worth area. Avilla Heritage in Grand Prairie, TX will offer private luxury rental homes to consumers seeking a new rental experience without the burdens often associated with homeownership.

Arizona developer opens Grand Prairie rental home community

The Avilla Heritage in Grand Prairie community is NexMetro's third project in North Texas.

Jul 22, 2019By Steve Brown Dallas Morning News

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NexMetro Communities, Trez Capital to Develop $100M Multifamily Portfolio

Jul 12, 2019By Nellie Day RE BUSINESS ONLINE

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NexMetro Communities, Trez Capital to Develop $100M Multifamily Portfolio

DENVER - NexMetro Communities and Trez Capital have partnered to develop five of NexMetro's Avilla Homes communities in a deal worth more than $100 million. The communities will debut in 2018 in Denver, Phoenix and Dallas.
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Colorado's first build-for-rent community opening in Commerce City

Apr 14, 2019 By Aldo Svaldi THE DENVER POST

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COLORADO'S FIRST BUILD-FOR-RENT COMMUNITY OPENING IN COMMERCE CITY
Single-family homes built entirely to lease, not own

Single-family home communities in Colorado are built to sell to owners, with some investors sneaking into the mix and grabbing properties to offer up as rentals. Avilla Buffalo Run in Commerce City represents a different kind of creature, a single-family community built from the ground up entirely for renters and not owners.

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Finding the Right Product Types for Housing the Fast-Growing Population of Phoenix

Feb 11, 2019By Kathleen McCormick URBAN LAND

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FINDING THE RIGHT PRODUCT TYPES FOR HOUSING THE FAST-GROWING POPULATION OF PHOENIX

As one of the fastest-growing and most populous metropolitan areas in the United States, the Phoenix metro area has seen some 40,000 apartments built since 2010, with demand and prices continuing to rise. Panelists for "Future of Housing: Finding the Right Fit for Changing Demographics," at the ULI Arizona Trends Day session held recently at the JW Marriott Phoenix Desert Ridge, provided a glimpse of how different product types are filling needs for the housing-strapped region.

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Momentum Builds for Build-To-Rent

Jan 30, 2019By Susan Bady, Senior Editor PROFESSIONAL BUILDER

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MOMENTUM BUILDS FOR BUILD-TO-RENT
Communities of Newly Built, Single-Family Homes Are Being Developed Exclusively For Renters By Choice

The single-family rental (SFR) market is hotter than ever. A new business model called build-to-rent, or B2R, is emerging, as developers create entire communities of newly built, detached rental homes. Often the amenity package at these communities rivals that of traditional single-family for-sale neighborhoods. It's a trend that is projected to continue as consumers struggle with higher interest rates, higher home prices, and a limited supply of homes for sale. Or simply prefer to rent.

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Phoenix Developer Invests Millions To Develop Hybrid Rental Units In Several States

Jan 10, 2019By Angela Gonzales - Senior Reporter PHOENIX BUSINESS JOURNAL

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PHOENIX DEVELOPER INVESTS MILLIONS TO DEVELOP HYBRID RENTAL UNITS IN SEVERAL STATES
Unique hybrid rental housing unit gaining traction in Phoenix and other U.S. markets

The company expects to invest $500 million this year to build its projects around the country, including $200 million in the Phoenix region
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Want a house without a mortgage? Phoenix rental-home developer to invest $140M in metro Denver

Jan 08, 2019By Kelcey McClung, Reporter DENVER BUSINESS JOURNAL

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WANT A HOUSE WITHOUT A MORTGAGE? PHOENIX RENTAL-HOME DEVELOPER TO INVEST $140M IN METRO DENVER

The company is launching three new for-lease neighborhoods within the next year.
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NexMetro Gives Back

NexMetro COO Josh Hartmann Donates Mini Tesla To Phoenix Children's Hospital

Dec 02, 2018

Donate to Phoenix Children's Hospital

NexMetro Communities COO Josh Hartmann and wife Kat donated a special gift to Phoenix Children's Hospital Foundation today to benefit next year's Beach Ball silent auction (largest PCH fund raiser of the year). Hartmann, a #Tesla enthusiast and supporter of PCH, so believes in the benefits of electric cars, that every one of the company's Avilla Homes communities include a charging station for residents to use. Josh also drives a red Tesla!

Phoenix Children's Hospital has provided hope, healing and the best healthcare for children since 1983, and has grown to become one of the largest children's hospitals in the country.

With a Medical Staff of nearly 1,000 pediatric specialists, Phoenix Children's provides inpatient, outpatient, trauma and emergency care across more than 70 pediatric subspecialties, the most comprehensive pediatric care available in the state. The Hospital's six Centers of Excellence have grown in size and expertise to place them on par with some of the most prestigious of their kind in the US

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NexMetro expansion represents $70M+ in new capital investment

Sep 18, 2018AZ BIG MEDIA

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NEXMETRO EXPANSION REPRESENTS $70M+ IN NEW CAPITAL INVESTMENT

NexMetro Communities is opening three new Avilla communities in the Valley to meet the explosive demand for the company's innovative luxury leased home lifestyle option. The new communities in Mesa, Goodyear and southwest Phoenix continue the company's strategic growth into key submarkets that show strong consumer appeal for a new home experience with the freedom of a lease.

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Developer of tiny rental homes expands in Mesa, Goodyear and Phoenix

Sep 17, 2018by Catherine Reagor ARIZONA REPUBLIC

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DEVELOPER OF TINY RENTAL HOMES EXPANDS IN MESA, GOODYEAR, AND PHOENIX

One of metro Phoenix's largest single-family rental developers is opening three new Arizona communities in September and expanding into Florida.

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A brand new single-family neighborhood, where every unit is a rental. Despite housing shortages driving up home prices, built-for-rent housing continues to grow and evolve.

Sep 10, 2018By Jeff Andrews CURBED

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A BRAND NEW SINGLE-FAMILY NEIGHBORHOOD, WHERE EVERY UNIT IS A RENTAL.
Despite housing shortages driving up home prices, built-for-rent housing continues to grow and evolve.

Matt and Sam Blank always wanted to go into business together, and the housing bust in 2008 provided a once-in-a-generation opportunity for the two brothers to do so. They quit their jobs in New York and moved to Phoenix, Arizona. The plan was to buy houses out of foreclosure at bargain prices with their own money.

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NexMetro Communities Continues Massive Valley Expansion.

Valley's Leading Single Family Rental Developer Opening Three Communities Representing $70 Million+ in New Capital Investment

Aug 27, 2018by Jackie Wright - Rainmaker Marketing & PR

Avilla Lehi Crossing
Avilla Centerra Crossings

PHOENIX (Aug. 27, 2018) - NexMetro Communities is opening three new Avilla communities in the Valley to meet the explosive demand for the company's innovative luxury leased home lifestyle option. The new communities in Mesa, Goodyear and southwest Phoenix continue the company's strategic growth into key submarkets that show strong consumer appeal for a new home experience with the freedom of a lease.

The new openings bring the company's total new communities built in the Valley to nine, with an additional x under development in Phoenix metro and another x open or underway outside of Arizona. With a low cost of living, and Valley job and population growth outpacing the national average by a large margin, NexMetro's single family rental hybrid is more popular than ever, said company President and COO Josh Hartmann.

"There is a significant demand from consumers for a higher-quality leased-living experience that's different than the big box, shared-wall lifestyle a typical apartment provides," said Hartmann, adding that the popularity of Avilla communities spans across multiple demographic groups. He said the three new communities are ideally located in high-demand growth submarkets. "These in-demand locations are ideal for consumers seeking a high-quality rental home lifestyle with easy freeway access with close proximity to major employers, dining, retail and recreation."

The three new Avilla communities - Avilla Lehi Crossing in Mesa, Avilla Centerra Crossings in Goodyear and Avilla Camelback Ranch in West Phoenix - will all open in September, and represent 428 additional homes to the nearly 1,000 units NexMetro has built in the Valley alone. Earlier this year, NexMetro sold three communities for $98 million, marking record-setting cost per door multifamily milestones in multiple submarkets.

NexMetro's record sales and continued expansion reflect how consumers are becoming more discerning in choosing housing options that work for their lifestyle, seeking out luxury leased options as an alterantive to a traditional single-family home ownership or apartment-style living, Hartmann said.

The three new communities - the seventh, eighth and ninth in the Valley - represent alone more than $70 million in capital investment by NexMetro. Pre-sales are now underway prior to grand openings in September with fully-furnished models at all three communities: Avilla Lehi Crossing, located off the southwest corner of Thomas and Val Vista in Mesa; Avilla Centerra Crossings on the southeast corner of Van Buren and Estrella Parkway in Goodyear; and Avila Camelback Ranch on the southeast side of Camelback Road and 103rd Ave. in southwest Phoenix.

Avilla features modern and stylish 1-, 2- and 3-bedroom single-level rental homes with 10-foot ceilings, open floor plans, private backyards, and no shared walls on all 2- and 3-bedroom plans. Homes feature high-end finishes, including quartz countertops, stainless steel appliances, full-size washer and dryer sets and even a charging station for electric vehicles. Residents will enjoy access to a resort-style pool and spa, covered ramada, walking paths and optional garages all within the pet-friendly neighborhood maintained by a professional management company, without mortgage payments or HOA fees. Prior to the fully-furnished model homes opening to the public, pre-grand opening rental pricing is being offered with the opportunity to tour by appointment only. More details, including floorplans are available by visiting Avilla Homes at avillahomes.com or calling (480) 306-8411.

Across its portfolio, NexMetro has sold, completed, or has under construction more than 2,200 units, with invested capital of nearly $350 million throughout submarkets of Dallas, Denver and Phoenix. In addition, the company has more than 925 units currently under development in these markets. NexMetro has been named as one of the Valley's top five multifamily builders, with a closing volume ranking in the top 10 homebuilders in the Valley.

NexMetro Communities Sells Three Phoenix Metro Assets For $98M

Transactions Represent Cost Per-Door Submarket Records, and Milestone for Pioneer of Single-Level Luxury Rental Neighborhoods

Jul 28, 2018by Jackie Wright, Rainmaker Marketing & PR

Avilla Grace

PHOENIX (July 28, 2018) - NexMetro Communities, a pioneer of single-level luxury leased home neighborhoods, has sold three assets this month for $98M. The three independent transactions are the first asset sales for the company and mark record-setting cost per door multifamily deals in thriving Phoenix submarkets.

NexMetro today closed on the sale of Avilla Grace in Chandler, a 194-home neighborhood that sold for $45M. On June 25, the company sold 116-unit Avilla Heights (also in Chandler) for $27.84M and sold 125-unit Avilla Palm Valley in Goodyear for $25.1M on June 13.

"These NexMetro sales are a milestone for the company, and further validate the tremendous value in the market for the higher-quality leased-living experience that makes Avilla such a unique alternative to the typical apartment," said Josh Hartmann, President and COO of Arizona-based NexMetro Communities, adding that the company evaluates the hold or sell strategy for each of its assets individually. Hartmann said the company's Avilla gated neighborhoods with single level, detached homes with private backyards, 10-foot ceilings and high-end finishes, generated interest from a myriad of different buyer and investor groups - from high wealth individuals to public REITs. "Avilla neighborhoods offer a truly unique alternative to the typical rental experience, and investors understand the power of its tremendous appeal."

TRANSACTION HIGHLIGHTS ACCORDING TO COSTAR GROUP, INC.
• The Avilla Palm Valley transaction in Goodyear represents the highest price per door ever recorded in the West Valley submarket;
The Avilla Heights and Avilla Grace transactions represent the second and third highest price per door recorded in Chandler (excluding portfolio sales);
• All three projects command rents well above the submarket average and stabilized within one year of delivery.
• Under its Avilla Homes moniker, NexMetro currently has more than 4,000 new rental homes completed, under construction or under contract in the Phoenix, Dallas and Denver and Orlando metro areas.

The Goodyear asset represented the company's official entry into the Phoenix market in 2014 after a group of innovative entrepreneurs developed the Avilla Homes prototype with seven rental neighborhoods in Tucson, Arizona starting in 2011. NexMetro was recently ranked #119 on Professional Builder's 2018 Housing Giants List (a 47% jump from the year prior) because of its unique detached single family rental production.

"NexMetro has seen tremendous success in identifying an unfulfilled niche in housing with our hybrid leased new-home option for consumers who are renters by choice," said NexMetro CEO and cofounder, Ken Abrahams. "This is truly a hybrid housing option that combines the best of both worlds for people who want to live in a new home, but don't want the burden of maintenance and constraints of a mortgage."

Transaction Details:
• Avilla Palm Valley - 4200 N. Falcon Drive, Goodyear - Closed 6/13/18 - 125 homes - $25.1M/$200,800/door. Buyer: New York-based RN Falcon, LLC
• Avilla Heights - 255 E. Chandler Heights Road, Chandler - Closed 6/25/18 - 116 homes - $27.84M/$240,000/door. Buyer: Single purpose entity formed by California-based The Certe Group.
• Avilla Grace - 2121 N. Grace Blvd, Chandler - Closed 6/28/18 - 194 homes. - $45M/$232,000/door. Buyer: Entity of Illinois-based The Inland Real Estate Group of Companies, Inc.

Berkadia was the broker representing NexMetro on all three sales, with leadership from: Senior Managing Directors Mark Forrester and Ric Holway; Senior Managing Director Art Wadlund and Director Clint Wadlund; Senior Director Dan Cheyne.

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NexMetro sells two Avilla Homes communities for $53M

Jun 26, 2018By Angela Gonzales PHOENIX BUSINESS JOURNAL

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NexMetro sells two Avilla Homes communities for $53M

These transactions come as the developer is investing about $350 million in the Phoenix market and another $350 million in Denver and Dallas. The company has more than 3,500 units either completed, under construction or in development in Phoenix, Dallas and Denver.

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NexMetro Sells First Phoenix-Area Community

Jun 09, 2018By Tudor Scolca MULTI-HOUSING NEWS (MHN)

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NEXMETRO SELLS FIRST PHOENIX-AREA COMMUNITY

Avilla Palm is a hybrid development, with the physical separation and private backyards of single-family homes and the centralized management of multifamily assets.

NexMetro Communities has sold its first asset, the 125-unit Avilla Palm Valley, located in Goodyear, Ariz., to a private investor for $25.1 million. Teams from Berkadia's Phoenix and Tucson, Ariz., offices represented NexMetro in the transaction.

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NexMetro continues massive housing expansion

May 25, 2018AZ BUSINESS MAGAZINE

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NEXMETRO CONTINUES MASSIVE HOUSING EXPANSION

Phoenix-based NexMetro Communities is continuing the company's massive Southwest expansion with the opening of the developers 8th Avilla community in McKinney, Texas. The unique leased home neighborhoods have been designed to meet the growing demand for the company's innovative luxury leased home lifestyle. Avilla Northside will offer private luxury rental homes to lifestyle-conscious consumers seeking a new home experience without the burdens of home ownership.

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New multifamily concept leads Arizona developer to $2 million land deal

May 24, 2018By John Winslow COLORADO REAL ESTATE JOURNAL

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New multifamily concept leads Arizona developer to $2 million land deal

Adams County
Property Location: SEC S. 27thAve. & Eagle Blvd., SWC Peregrine & Eagle, Aurora

Property Description: Vacant land, 136 units planned for detached rental units

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EXCLUSIVE: This developer is investing $350M to build homes in Phoenix market

May 16, 2018By Angela Gonzales, Senior Reporter PHOENIX BUSINESS JOURNAL

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EXCLUSIVE: This developer is investing $350M to build homes in Phoenix market

Phoenix homebuilder has $700M in construction projects in Phoenix, Dallas and Denver

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NexMetro Opens Its 8th Single-Family Rental Community

May 15, 2018By Mary Salmonsen MULTI-HOUSING NEWS (MHN)

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NexMetro Opens Its 8th Single-Family Rental Community
The McKinney, Texas, development is part of the firm's plan to expand its leased-home portfolio by 50% within the next year.

The eighth single-family rental home community in NexMetro Communities' Avilla Homes brand, Avilla Northside, has opened for leasing in McKinney, Texas.

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Southwest Expansion Continues

NexMetro opens its 8th Avilla community in McKinney, Texas.

May 10, 2018by Jacque Petroulakis at NexMetro

Avilla Northside

Phoenix, AZ -Phoenix-based NexMetro Communities is continuing the company's massive Southwest expansion with the opening of the developers 8th Avilla community in McKinney, Texas. The unique leased home neighborhoods have been designed to meet the growing demand for the company's innovative luxury leased home lifestyle. Avilla Northside will offer private luxury rental homes to lifestyle-conscious consumers seeking a new home experience without the burdens of home ownership.

NexMetro has 2375 units completed or in development, and another 1390 units in predevelopment/entitlement, totaling nearly $700 million investment in the Phoenix, Dallas and Denver markets. The company also has additional plans to move into new key U.S. markets within the next 18 months.

"Our goals of expanding the Avilla portfolio by 50% within the next year is on track and we are very pleased with the response the leased home market is receiving", said Josh Hartmann, NexMetro's Chief Operating Officer. "There is major demand from Millennials and Baby Boomers for a unique rental concept that allows tenants to feel like they are living in a home, but without the responsibility often associated with home ownership. Our neighborhoods provide renters with these amenities and more," said Hartmann.

Avilla Northside is located near historic downtown McKinney and is close to the Towne Lake Recreation Area, the Raytheon Company and abundant retail, services and restaurants. The new luxury rental community offers a truly unique alternative to the typical rental experience, said Ryan Griffis, vice president of operations for NexMetro's Dallas Metro Division.

Avilla offers modern and stylish rental homes, with open and spacious floor plans, private entrances, outdoor patios and backyards. All of the floor plans boast 10-foot ceilings, allowing an abundance of natural light, and feature high-end finishes including granite countertops, stainless steel appliances, full-size washer and dryer and even a charging station for electric vehicles. Additionally, Avilla Homes are pet friendly and offer reserved covered parking and optional garages, plus the perks of neighborhood living, complete with a resort-style pool and beautifully landscaped recreation areas, all maintained by a professional management company, without mortgage payments or HOA fees.

Priced competitively with surrounding A-class apartments, the new fully furnished one, two and three-bedroom models are available for viewing by appointment by calling 214-585-9893 or visiting at avillahomes.com.

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Texas rental home communities expand

May 05, 2018by Steve Brown, The Dallas Morning News THE GUAM DAILY POST

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TEXAS RENTAL HOME COMMUNITIES EXPAND

Almost 40 percent of Dallas-area residents are renters.

For most of those folks, that means apartments.

But a new development trend is offering another option to local residents who want to rent the roofs over their heads. Arizona-based developer NexMetro Communities is building the second of what it hopes will be several communities that provide renters small single-family homes.
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It's not an apartment, Dallas-area rental home communities on the rise

May 01, 2018by Steve Brown, Real Estate Editor THE DALLAS MORNING NEWS

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Almost 40 percent of Dallas-area residents are renters.

For most of those folks, that means apartments.

But a new development trend is offering another option to local residents who want to rent the roofs over their heads. Arizona-based developer NexMetro Communities is building the second of what it hopes will be several communities that provide renters small single-family homes.

...

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McKinney featured neighborhood: Avilla Northside

Mar 05, 2018By Cassidy Ritter COMMUNITY IMPACT NEWSPAPER

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MCKINNEY FEATURED NEIGHBORHOOD: AVILLA NORTHSIDE

Avilla Northside, located at the northeast corner of Community and White avenues, is expected to open in April. The neighborhood will feature 118 single-level, detached rental homes.

The homes have 10-foot ceilings, full-size washers and dryers, stainless steel appliances, private backyards and front porches.

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NexMetro Communities, Trez Capital to Develop $100M Multifamily Portfolio

Dec 20, 2017by Nellie Day RE BUSINESS ONLINE

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NexMetro Communities, Trez Capital to Develop $100M Multifamily Portfolio

DENVER - NexMetro Communities and Trez Capital have partnered to develop five of NexMetro's Avilla Homes communities in a deal worth more than $100 million. The communities will debut in 2018 in Denver, Phoenix and Dallas.
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