MEB partner NexMetro sells three Arizona communities for $98 million

 

NexMetro’s Avilla properties blend of a single-family feel with multi-family functionality. (Submitted photos)

Three Arizona communities were recently sold by NexMetro for $98 million spanning the success across the Valley.

According to a press release, NexMetro Communities partnered with MEB Management Services in 2014 to manage the lease-up and stabilized operations of their Avilla Homes Arizona portfolio.

“We are thrilled to be a part of NexMetro’s success with the innovative approach to rental housing,” said MEB Management Services Principal Melanie Morrison in a prepared statement.

Avilla Grace, a 194-home neighborhood, sold for $45 million while Avilla Heights, a 116-home neighborhood, sold for $27.84 million, both in Chandler; and Avilla Palm Valley, a 125-home neighborhood, sold for $25.1 million, in Goodyear, the release detailed.

NexMetro and its affiliated companies have been developing Avilla Homes neighborhoods since 2010. The specialized Class A homes incorporate a blend of a single-family feel with multi-family functionality, the release noted.

With more than 4,000 homes completed, under construction, or “in due diligence,” NexMetro’s roots are in Arizona but the company plans to expand along the Sunbelt region of the country, the release added.

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