More than what the traditional housing market has to offer

Here are the winners of the 2024 CFO of the Year Awards

NexMetro's Chief Accounting Officer wins AZ Big Media's CFO of the Year

Nov 07, 2024AZ Big Media

Read Entire Article Here:

NexMetro Communities Chief Accounting Officer Max Taylor has won the AZ Big Media 2024 CFO of the Year award in the medium-size business category, which was presented on Wednesday night at the 16th Annual CFO of the Year Awards at Chateau Luxe Event Venue!

Avilla Palomino opens in Glendale later this month

Nov 06, 2024By Glendale Independent

Read Entire Article Here

NexMetro Communities, a developer of leased single-family rental neighborhoods, is opening its 21st new Avilla Homes community in the Valley, with more projects currently in development.

Avilla Palomino in Glendale opens in late November, following two other projects earlier this year — Avilla Broadway in Phoenix and Avilla Mystic in Peoria. NexMetro has four more projects under construction in the Valley.

“This high-quality living experience has broad appeal, and our residents are very diverse—from millennials and young families to those in mid-life and retirement.” stated Linda Coburn, vice president of asset management for NexMetro, in a press release.
Avilla Palomino will be a 197-home community is on the southeast corner of 51st and Peoria avenues in Glendale. It is within driving distance of Historic Downtown Glendale, Glendale's Sports and Entertainment District, and Arrowhead Towne Center.

Nearby employers such as Banner Thunderbird Medical Center and Honeywell Aerospace DSES. For more information, visit www.AvillaPalomino.com.

Coburn stated new Avilla Homes communities offer hallmark private backyards, private entries and high 10-foot ceilings, while also debuting new floorplans featuring additional storage.

“It’s more about efficiency than increasing square footage. Now our residents have even more options to keep their seasonal decorations, mementos, sports equipment and more in their new Avilla home.” Coburn stated.
Jared Geisler, managing director of NexMetro’s Phoenix Division, said while BTR neighborhoods have a significant presence in the Southwest Valley, the area’s continued growth has fueled demand.

“We are highly strategic in identifying great locations where people want to live,” stated Geisler. “And while our growth in the Valley has been steady, the housing shortage has been exacerbated by low availability and affordability.”

NexMetro opens 21st build-to-rent community in Metro Phoenix

NexMetro Communities, the pioneer developer of luxury leased single-family rental neighborhoods, is opening its 21st new Avilla Homes community in Metro Phoenix, with more projects currently in development.

Nov 05, 2024AZ Big Media

Read Entire Article Here

NexMetro will open Avilla Palomino in Glendale in late-November and has opened two other projects earlier this year—Avilla Broadway in Phoenix and Avilla Mystic in Peoria. The build-to-rent (BTR) Developer has four more projects under construction in the Valley and has nearly 60 projects representing more than 10,000 homes across the nation either completed or in development.

“Our Avilla neighborhoods continue to provide an option for those renters by choice seeking the privacy and comforts of a single-level detached home without the hassles of home ownership,” said Linda Coburn, vice president of asset management for NexMetro. “This high-quality living experience has broad appeal, and our residents are very diverse—from millennials and young families to those in mid-life and retirement.”

Coburn said the recent new Avilla Homes openings in the Southwest Valley offer hallmark private backyards, private entries and high 10-foot ceilings, while also debuting new floor plans featuring additional storage that the company identified as a top preference in resident surveys.

“We asked our valued residents what was most important to them, and added storage space was a major preference across the board,” Coburn said, adding that reconfiguring popular living spaces such as the kitchen and entertainment areas alone created more over-and-under counter spaces. “It’s more about efficiency than increasing square footage. Now our residents have even more options to keep their seasonal decorations, mementos, sports equipment and more in their new Avilla home.”

Jared Geisler, managing director of NexMetro’s Phoenix Division, said while BTR neighborhoods have a significant presence in the Southwest Valley, the area’s continued growth has fueled robust demand for a rental alternative to traditional apartment living.

“We are highly strategic in identifying great locations where people want to live,” said Geisler, adding that Avilla sites have excellent proximity to freeways, employment corridors, retail and services. “And while our growth in the Valley has been steady, the housing shortage has been exacerbated by low availability and affordability.”

The most recent Avilla neighborhood openings in the Southwest Valley include:

Avilla Palomino – Conveniently located in Glendale, AZ, this 197-home community is slated to open in late November and grants easy access to a myriad of attractions including Historic Downtown Glendale, Glendale Sports and Entertainment District, and Arrowhead Towne Center. Additionally, these homes are nestled between US 60 and I-17, for an easy commute into Phoenix or to nearby employers such as Banner Thunderbird Medical Center and Honeywell Aerospace DSES. Outdoor enthusiasts can enjoy nearby North Mountain Park, Sonoran Preserve – Desert Vista Trailhead, or the beautiful on-site communal greenspace. For more information, visit www.AvillaPalomino.com.

Avilla Broadway – This beautiful 117-home neighborhood opened this past summer on more than 10 acres in Phoenix, conveniently near the Loop 202 South Mountain and I-10 freeways, offering stunning views of the Sierra Estrella Mountains. The community’s new one-, two-, and three-bedroom rental homes are adjacent to the South Mountain Preserve and provide access to hundreds of hiking, biking and walking trails for residents to enjoy. For more information, visit www.AvillaBroadway.com.

Avilla Mystic – This highly sought-after location in the Mystic at Lake Pleasant Heights neighborhood is situated in the Peoria Unified School District and is near numerous attractions including Lake Pleasant Regional Park and Westgate Entertainment District. Featuring modern designs, essential fixtures that employ Smart Home technology, high-end finishes like quartz counters and stainless-steel appliances, and private backyards and front entries, this 254-home community opened in August 2024 with amenities that make residents feel right at home. For more information, visit www.AvillaMystic.com.

Avilla Homes communities offer hassle-free, maintenance-free living with modern finishes and private backyards, maximizing convenience and luxury for individuals who choose to rent but don’t want to sacrifice the lifestyle of a home. Other features of the mostly detached, single-level homes include 10-foot ceilings, private front entries, open floor plans, granite countertops, stainless steel appliances and hard-surface flooring throughout. The pet-friendly communities are gated and offer garages, covered parking, and amenities such as resort-style pools and spas, outdoor grills, lounge areas, sport courts, walking paths and grassy, open spaces—including dog parks—to meet up with neighbors.

Metro Atlanta embraces growing trend as single-family home subdivisions pivot to rental market

Nov 04, 2024By Kevyn Stewart Fox 5 Atlanta TV

Watch Television Clip Here

SOUTH FULTON, Ga. - Build-to-rent is a growing housing trend looking to find a market between homeownership and renting an apartment.

This trend is increasingly taking root in metro Atlanta. Builders are constructing single-family home subdivisions not to sell, but to rent.

Before Thanksgiving, NexMetro Communities will begin preleasing the South Pines subdivision, which is still under construction, in South Fulton.

There will be 193 two-story two- or three-bedroom townhomes with one-car garages and backyards. The square footage ranges from 1,332 to 1,483 square feet.

NexMetro has similar build-to-rent projects in Phoenix, DFW, Austin, Denver, and Tampa, with more in store for metro Atlanta.

The managing director for its Atlanta-area projects says the company hopes to attract young professionals and empty nesters.

"We have a lot of single women looking for the privacy we provide with gates," said Jason Flory, managing director NexMetro Communities Atlanta. "We're providing all the maintenance inside and outside the home."

Across much of metro Atlanta, you will find more of these build-to-rent neighborhoods. Georgia State University geography professor Taylor Shelton sees the BTR trend as similar to the established, decade-long trend he has studied—corporate landlords buying large numbers of single-family homes in established neighborhoods to rent out.

It's often the same companies operating in both spaces," says Taylor.

According to his research, which is as of January 2022, in the five core counties, there were a total of 32,028 single-family rental properties owned by the 10 largest corporate single family rental landlords. Five thousand five hundred ninety-three of those properties were located in Fulton County.

Taylor's findings have been concerning to some.

"We see that these companies tend to raise rents and add what's known as junk fees and significant rates," says Taylor." We also know these companies are the most frequent subject of complaints to code enforcement in Atlanta and nationwide."

Taylor says there is more to study, and he would not go so far as to say there is proof that this trend causes neighboring homeowners to see property values decline.

"I don't know if we have enough information that this is causing a devaluation of other people's property

Flory insists scattered sight single family projects are more likely to have upkeep issues.

"The main difference is the fact the fact we have on-site maintenance, onsite professional management team to make sure these homes stay well maintained," says Flory. " If we're going to charge $2,000 a month, we need to be able maintain it and give them (clients) the quality they deserve."

Phoenix developer that ignited the build-to-rent phenomena has $1 billion in projects lined up

Besides multiple new developments lined up in Arizona, company targets four other states

Oct 31, 2024By Angela Gonzales – Senior Reporter, Phoenix Business Journal

Read Entire Article Here

Phoenix-based NexMetro Communities, which started the build-to-rent phenomena that is taking the country by storm, has another $1 billion worth of projects on its plate in several markets, including Arizona.

Across the nation, NexMetro has 59 projects with 10,178 homes completed, under construction and in development, and a total investment of more than $2.6 billion to date, said Jared Geisler, managing director of NexMetro's Phoenix division.

In metro Phoenix, NexMetro has completed or has under construction more than 4,100 homes.

Its latest development set for leasing will be Avilla Palomino in Glendale, making it Nexmetro's 21st BTR community in metro Phoenix.

General contractor Mosaic broke ground on the project in August 2023, with BSB Design as architect for the project expected to see the last construction phase of homes to be delivered in mid-2025.

The 197-unit community is on 18 acres at the southeast corner of 51st Avenue and Peoria, which formerly was a horse race track, and a dairy farm before that.

The Avilla Palomino name pays tribute to its history, Geisler, said.

Monthly rental rates range from $1,575 to $2,375, but those do not reflect special offers or promotions that may take place during lease-up of a new community, Geisler said.

Four other projects under construction
This $63 million community follows the August lease opening of Avilla Mystic, which has 254 homes at El Mirage and Westland roads in north Peoria and is about 25% leased, Geisler said.

In May, Avilla Broadway opened leasing at 99th Avenue and Broadway in Phoenix. With a total of 117 homes, that community is about 75% leased, he said.

Another four projects are under construction in metro Phoenix, with 195 units near Loop 101 and Indian School Road in Phoenix, 214 units in Buckeye near Verrado master-planned community, 108 units in Surprise and 229 units in San Tan Valley — all expected to open within the next few years.

Besides Arizona, the company is targeting growth in Colorado, Texas, Georgia and Florida.

BTR residents value privacy, security
Traditionally, each Avilla BTR project was financed by different groups of investors.

Then earlier this year, NexMetro moved toward a direct access fund to provide equity to a national, diversified portfolio, Geisler said.

NexMetro's investors — many are repeat customers — were asking for more diversification that allows them to receive one tax document for their investments as opposed to several.

Rather than investing in one project at a time, they can invest in other projects in other states.

This new mechanism also benefits NexMetro, allowing greater flexibility in closing escrow on projects, providing an advantage as land buyers, Geisler said.

NexMetro takes customer feedback seriously, something reflected in its newest floor plan designs, Geisler said.

"We find our best ideas are coming from our residents," he said. "We focus on what provides value to a majority of our residents."

When surveyed, residents said clubhouses and fitness centers were not an important amenity, Geisler said.

While each gated community includes a resort-style pool, gathering area, dog park and electric vehicle charging station, the focus is more inside the home, he said.

"They value privacy and security," he said. "We try to focus on the home as being the main amenity to our community."

The latest rendition of floor plans evolved to focus on storage, with cabinetry in the kitchen, storage ares in the closets and a full laundry room in the one-bedroom homes, he said.

Demand remains strong
Geisler said he continues to see demand for the Avilla product.

This demand comes at a time when vacancies tightened and rents spiked, according Northmarq's "Single-Family Build-to-Rent Properties" report released in October.

"These favorable conditions sparked an accelerating pace of new construction, where developers delivered an average of more than 2,000 units of single--family build-to-rent inventory per year from 2022 through 2022," according to the Northmarq report.

More than 7,200 units opened since the beginning of 2023, according to that Northmarq report, with nearly 6,000 units under construction.

Several submarkets have been active areas of new development, led by east Mesa, South Mountain, Goodyear and Peoria, the report noted.

The Rise of Build-to-Rent: A New Era in Real Estate, with Josh Hartmann CEO of NexMetro

Oct 30, 2024Onward, a Fundrise Production with Benjamin Miller

Listen to Podcast Here

Build-to-Rent (BTR) may be the biggest innovation in real estate this decade and NexMetro Communities is arguably the originator. Since 2010, NexMetro has been developing BTR projects, with over 55 projects across the U.S., offering cottage-style homes specifically designed for renters. Hartmann provides insight into BTR’s growth, his unique business strategies, and the challenges in reshaping real estate for a new generation.

National Build-to-Rent Developer Opens First Atlanta Neighborhood

NexMetro Communities under construction on 687 new luxury rental homes representing $210M+ local investment in four distinct locations

Oct 30, 2024Atlanta, GA

Download PDF Here:

(Atlanta, GA) October 30, 2024 – NexMetro Communities, the nation’s leading developer of build-to-rent (BTR) home neighborhoods, is underway on four new Atlanta-market projects that will bring 687 highly sought-after luxury leased homes to the area over the next two years.

Known for its hallmark detached single-level neighborhoods with private backyards, NexMetro is entering the Atlanta market with a luxury rental townhome community in South Fulton. South Pine Townhomes opens for leasing November 14, marking the company’s entry into Atlanta.

“NexMetro’s expansion in the Atlanta market reflects the company’s strategic growth in key locations based on the growing number of people who would rather lease than own a home,” said Sean Rust, vice president of development for NexMetro’s Atlanta division. “The appeal of mortgage-free, maintenance-free living is unmistakable for lifestyle-conscious consumers of all walks of life.”

Rust said the new South Pine Townhomes opening and three additional Avilla Homes communities currently under construction represent a more than $210 million investment in the market, with the BTR developer pursuing more great locations for new luxury leased home neighborhoods. He said the company sees long-term opportunity in the Atlanta market and is focused on developing new luxury leased home neighborhoods in growth submarkets with strong demand drivers such as rising population and household incomes, and proximity to freeways, retail and services.

South Pine Townhomes is located off I-85 in South Fulton and offers proximity to Hartsfield Jackson International Airport and commercial corridors in the booming south metro Atlanta area. The luxury leased neighborhood features 193 two-level attached townhomes with private backyards and garages in a gated 34-acre enclave.

The two and three-bedroom townhomes range in size from 1,332 to 1,463 square feet and offer two distinct floorplans. Each townhome features premium amenities including wood-plank style flooring on both levels, Quartz countertops, stainless steel appliances and a full-sized washer/dryer. The gated community also features a resort-style pool, outdoor grilling area and pavilion, fire pit, tot lot, dog park, sports court, and 24-hour emergency maintenance.

In addition to South Pine, NexMetro is currently under construction on three more Avilla Homes neighborhoods: Avilla Clearwater Lake in Aiken County with 229 homes, Avilla Holloway in Stockbridge with 136 homes, and Avilla Friendship Trails in Hall County, offering 129 homes, anticipated to open in early 2026.

NexMetro has more than 10,000 homes representing nearly 60 neighborhoods completed or in development in the Phoenix, Dallas-Fort Worth, Austin, Denver, Tampa and now Atlanta markets.

For more information or to schedule a tour of South Pine Townhomes, go to SouthPineLiving.com.

NexMetro Exemplifies Strength of Build-to-Rent Sector with 21st New Community Opening in Metro Phoenix

BTR Developer’s New Luxury Leased Homes Feature New Resident-Inspired Floorplans

Oct 28, 2024Phoenix, AZ

Download PDF Here:

(PHOENIX) – October 28, 2024 – NexMetro Communities, the pioneer developer of luxury leased single-family rental neighborhoods, is opening its 21st new Avilla Homes community in the Valley, with more projects currently in development.

NexMetro will open Avilla Palomino in Glendale in late-November and has opened two other projects earlier this year—Avilla Broadway in Phoenix and Avilla Mystic in Peoria. The build-to-rent (BTR) Developer has four more projects under construction in the Valley and has nearly 60 projects representing more than 10,000 homes across the nation either completed or in development.

"Our Avilla neighborhoods continue to provide an option for those renters by choice seeking the privacy and comforts of a single-level detached home without the hassles of home ownership,” said Linda Coburn, vice president of asset management for NexMetro. “This high-quality living experience has broad appeal, and our residents are very diverse—from millennials and young families to those in mid-life and retirement.”

Coburn said the recent new Avilla Homes openings in the Southwest Valley offer hallmark private backyards, private entries and high 10-foot ceilings, while also debuting new floorplans featuring additional storage that the company identified as a top preference in resident surveys.

“We asked our valued residents what was most important to them, and added storage space was a major preference across the board,” Coburn said, adding that reconfiguring popular living spaces such as the kitchen and entertainment areas alone created more over-and-under counter spaces. “It’s more about efficiency than increasing square footage. Now our residents have even more options to keep their seasonal decorations, mementos, sports equipment and more in their new Avilla home.”

Jared Geisler, managing director of NexMetro’s Phoenix Division, said while BTR neighborhoods have a significant presence in the Southwest Valley, the area’s continued growth has fueled robust demand for a rental alternative to traditional apartment living.

“We are highly strategic in identifying great locations where people want to live,” said Geisler, adding that Avilla sites have excellent proximity to freeways, employment corridors, retail and services. “And while our growth in the Valley has been steady, the housing shortage has been exacerbated by low availability and affordability.”

The most recent Avilla neighborhood openings in the Southwest Valley include:

Avilla Palomino – Conveniently located in Glendale, AZ, this 197-home community is slated to open in late November and grants easy access to a myriad of attractions including Historic Downtown Glendale, Glendale Sports and Entertainment District, and Arrowhead Towne Center. Additionally, these homes are nestled between US 60 and I-17, for an easy commute into Phoenix or to nearby employers such as Banner Thunderbird Medical Center and Honeywell Aerospace DSES. Outdoor enthusiasts can enjoy nearby North Mountain Park, Sonoran Preserve – Desert Vista Trailhead, or the beautiful on-site communal greenspace. For more information, visit www.AvillaPalomino.com.

Avilla Broadway – This beautiful 117-home neighborhood opened this past summer on more than 10 acres in Phoenix, conveniently near the Loop 202 South Mountain and I-10 freeways, offering stunning views of the Sierra Estrella Mountains. The community’s new one-, two-, and three-bedroom rental homes are adjacent to the South Mountain Preserve and provide access to hundreds of hiking, biking and walking trails for residents to enjoy. For more information, visit www.AvillaBroadway.com.

Avilla Mystic – This highly sought-after location in the Mystic at Lake Pleasant Heights neighborhood is situated in the Peoria Unified School District and is near numerous attractions including Lake Pleasant Regional Park and Westgate Entertainment District. Featuring modern designs, essential fixtures that employ Smart Home technology, high-end finishes like quartz counters and stainless-steel appliances, and private backyards and front entries, this 254-home community opened in August 2024 with amenities that make residents feel right at home. For more information, visit www.AvillaMystic.com.

Avilla Homes communities offer hassle-free, maintenance-free living with modern finishes and private backyards, maximizing convenience and luxury for individuals who choose to rent but don’t want to sacrifice the lifestyle of a home. Other features of the mostly detached, single-level homes include 10-foot ceilings, private front entries, open floor plans, granite countertops, stainless steel appliances and hard-surface flooring throughout. The pet-friendly communities are gated and offer garages, covered parking, and amenities such as resort-style pools and spas, outdoor grills, lounge areas, sport courts, walking paths and grassy, open spaces—including dog parks—to meet up with neighbors.

NexMetro Expands Central Florida Footprint with New BTR Neighborhood

Leading Build-to-Rent developer opens Avilla Cypress Creek near Sun City

Oct 28, 2024Tampa, FL

Download PDF Here:

(Tampa, FLA) – October 28, 2024 – NexMetro Communities, a pioneer developer of luxury leased home neighborhoods, is opening its second Central Florida location in late November 2024. The 166-home neighborhood serves the pent-up demand of lifestyle-conscious consumers seeking a single-family home alternative to the traditional rental experience.

Avilla Cypress Creek is a beautiful 17-acre neighborhood that offers the benefits of new single-level detached homes nestled inside a gated community for people seeking to rent rather than own.

“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, maintenance-free living,” said William Hulton, NexMetro’s vice president of development for Florida. The company’s first Tampa market community, Avilla Suncoast, is located in Odessa. “NexMetro’s ongoing expansion with new Avilla neighborhoods in Central Florida reflects the company’s strategic growth in prime suburban locations in growing submarkets,” Hulton added.

Located in the highly desirable Hillsborough community, Avilla Cypress Creek is well positioned near popular retail opportunities, freeway access, and top-tier employers. NexMetro is the leader in the build-to-rent industry with more than 10,000 homes representing nearly 60 projects completed or under construction in Phoenix, Dallas/Fort Worth, Austin, San Antonio, Denver, Atlanta, Orlando, and Tampa to date.

The cottage-style, single level, detached homes range from one, two and three bedrooms with open floor plans that offer front porches and private backyards, optional lanais, extra storage, high ceilings, stainless steel appliances, full washer and dryer, and elegant hard-surface flooring.

“The opening of Avilla Cypress Creek and our continued growth in Central Florida demonstrates the tremendous appeal of this hybrid housing model to a diverse clientele in all stages of life,” said Linda Coburn, NexMetro’s vice president of asset management. “Our residents often range from young professionals looking for convenience and proximity to employment, to those in a mid-life transition, and baby boomers simply downsizing and simplifying their lives.”

Featuring resort-inspired amenities, the pet-friendly community also boasts a spacious, resort-style pool, spa, dog park, grilling stations, green space, fire pit and gathering areas.

Priced competitively with surrounding A-class apartments, Avilla Cypress Creek is professionally managed and offers on-site maintenance. For more information, to schedule a tour, or to sign up for a VIP interest list, please visit: https://www.avillacypresscreek.com/.

Mosaic By The Numbers: 4 Years; 1,000 Homes; Half The Staff

Oct 02, 2024By Jennifer Castenson, Contributor Forbes

Read Entire Article Here:

In 2024, Mosaic started 586 units and completed 312. The company now has 13 active build-to-rent projects and is completing 1,000 homes in 4 years. During that time, more than 550 were zero energy ready homes.

“We hit 1,000 homes and it’s bittersweet,” said Salman Ahmad, the company’s CEO. “To contextualize that, 1,000 homes isn’t special, but going from 0 to 1,000 in less than 4 years with the promise that we want to represent that growth rate to continue into the future. We’re very humbled by the challenge that lays ahead of us – how long will it take us to get from 1,000 to 100,000? Hopefully the same rate of time.”

Phoenix BTR developer NexMetro enters Atlanta market

Sep 27, 2024by John Yellig Atlanta Agent Magazine

Read Entire Article Here

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

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

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

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

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

Creating BTR Communities for the Workforce

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

Sep 06, 2024By Jordan Mann Multi-Housing News

Read Entire Article Here

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

$2B Phoenix Project Lands CHIPS Act Funding

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

Aug 01, 2024by Richard Berger Commercial Property Executive

Read Entire Article Here

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Mar 27, 2024Phoenix, AZ

Download PDF Here:

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

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

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

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

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

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

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

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

Luxury Leased Home Community Avilla Boat Club Now Open

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

Dec 18, 2023Fort Worth, TX

Download PDF Here:

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

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

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

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

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

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

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

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

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

Nov 14, 2023Austin, TX

Download PDF Here:

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

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

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

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

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

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

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

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

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

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

Aug 08, 2023Phoenix, Arizona

View PDF File

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

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

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

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

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

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

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

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

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

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

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

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

Aug 08, 2023Fort Worth, TX

View PDF File

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

“Consumers are increasingly choosing to rent but don’t want to sacrifice the lifestyle of a home that they’ve worked to achieve,” said Steve Fritzer, managing director for NexMetro’s DFW Division. “We continue to see considerable demand in submarkets across Dallas and Fort Worth for our best of both worlds lifestyle offering. Our goal is to create great places for people to live and be a point of pride for the surrounding neighborhoods.”

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

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

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

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

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

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

Philanthropist, Businesswoman Helaine Levy Appointed to NexMetro Board of Directors

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

Jun 20, 2023

Open PDF

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

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

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

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

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

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

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

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

Mar 28, 2023

Open PDF

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

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

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

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

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

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

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

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

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