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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Pet Owners Want These Home Amenities

May 09, 2022Realtor.com Realtor Magazine

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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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APPEARING IN PRINT

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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APPEARING IN PRINT

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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APPEARING IN PRINT

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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