Avilla Palm Valley Represents First Asset Sale for NexMetro Communities
PHOENIX and TUCSON, Ariz. – June 15, 2018 – Berkadia today announced the $25.1 million sale of Avilla Palm Valley, a single-family rental community in Goodyear, Arizona. Senior Managing Directors Mark Forrester and Ric Holway and Senior Director Dan Cheyne of Berkadia’s Phoenix office teamed up with Senior Managing Director Art Wadlund and Director Clint Wadlund of Berkadia’s Tucson, Arizona office to lead the sale on behalf of the seller, Arizona-based NexMetro Communities. The deal closed on June 13.
“Investors were quite interested in this opportunity given Avilla Palm Valley’s innovative niche in the market,” said Forrester, noting the tremendous consumer demand for the hybrid single-family rental neighborhood concept. “Unique property qualities such as detached homes, gated entry and private backyards for all units, as well as a strong submarket location and operational efficiencies, made this a highly attractive asset.”
Located at 4200 N. Falcon Drive, the 12-unit-per-acre property offers one-, two- and three-bedroom floorplans with high-end fe atures such as granite countertops, full-size washer and dryer units and energy efficient, stainless steel appliances. Community amenities include a pool and spa, walking paths, grassy areas and electric vehicle charging stations. Residents are located just minutes from Eagles Nest Golf Club, Tuscany Falls Golf Course and a variety of retail and dining options. Avilla Palm Valley also affords convenient access to downtown Phoenix and major West Valley employers off Interstate Route 10 and Arizona State Route 303.
The 125-unit property was the first Avilla Homes project developed by NexMetro, a pioneer of luxury leased home neighborhoods that offers consumers the lifestyle of a detached home without maintenance or a mortgage. NexMetro now has more than 3,500 units either completed, under construction or in development in the Phoenix, Dallas and Denver metro areas.
“There is a huge demand from consumers for a higher-quality, leased-living experience that’s different from the big box, shared-wall lifestyle a typical apartment provides,” said NexMetro President and COO, Josh Hartmann, noting that the company has two other assets for sale that are currently in escrow. “There has been a substantial shift in the renter mindset, and our Avilla Homes neighborhoods are uniquely positioned to meet this consumer demand.”