NexMetro Sells Three Apartment Communities in Suburban Phoenix for $98M
CHANDLER AND GOODYEAR, ARIZ. — NexMetro Communities has sold three apartment communities in suburban Phoenix for $98 million. The properties include Avilla Grace and Avilla Heights in Chandler, as well as Avilla Palm Valley in Goodyear.
Avilla Grace, which features 194 units, sold for $45 million. An entity of Illinois-based The Inland Real Estate Group of Cos. Inc. was the buyer.
Avilla Heights, which features 116 units, sold for $27.8 million. A single-purpose entity formed by California-based The Certe Group was the buyer.
The 125-unit Avilla Palm Valley sold for $25.1 million. New York-based RN Falcon LLC was the buyer.
Avilla Homes communities feature single-level units for lease. One-, two- and three-bedroom floor plans include private entrances and outdoor patios. The Class A communities each offer a pool, dog park and recreation area.
NexMetro partnered with MEB Management Services in 2014 to manage the lease-up and stabilize operations of its Avilla Homes Arizona portfolio.
NexMetro and its affiliated companies have been developing Avilla Homes communities since 2010. With more than 4,000 units completed or under construction, NexMetro plans to expand along the entire Sunbelt region of the country.
— Kristin Hiller