MEB Management Services partner NexMetro Communities Sells Three Phoenix Metro Assets for $98M

PHOENIX, ARIZ. – NexMetro Communities partnered with MEB Management Services in 2014 to manage the lease-up and stabilized operations of their Avilla Homes Arizona portfolio. NexMetro recently sold three Arizona communities for $98 million.

Avilla Grace in Chandler, Arizona, a 194-home neighborhood, sold for $45 million; Avilla Heights, also in Chandler, a 116-home neighborhood, sold for $27.84 million; and Avilla Palm Valley in Goodyear, Arizona, a 125-home neighborhood, sold for $25.1 million.

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

 

TRANSACTION DETAILS:

  • Avilla Palm Valley: 4200 N. Falcon Dr., Goodyear; closed June 13; 125 homes, $200,800/door; buyer, New York-based RN Falcon, LLC.
  • Avilla Heights: 255 E. Chandler Heights Rd., Chandler; closed June 25; 116 homes; $240,000/door; buyer, single purpose entity formed by California-based The Certe Group.
  • Avilla Grace: 2121 N. Grace Blvd., Chandler; closed June 28; 194 homes, $232,000/door; buyer, entity of Illinois-based The Inland Real Estate Group of Companies, Inc.

NexMetro and its affiliated companies have been developing Avilla Homes neighborhoods with great success since 2010. These specialized Class A homes incorporate the perfect blend of a single-family feel with multi-family functionality.

With more than 4,000 homes completed, under construction, or in due diligence, NexMetro’s roots are in Arizona but the company is growing quickly with expansion planned along the entire Sunbelt region of the U.S.

     

About Avilla Homes

A truly unique alternative to the typical rental experience, Avilla Homes neighborhoods feature single level, detached homes for lease in a gated enclave. The one, two and three-bedroom floor plans feature private entrances, outdoor patios and backyards, along with high-end finishes such as 10’ ceilings, granite/quartz countertops, stainless steel appliances, full-size washer and dryers, and more. The Class-A, pet friendly communities offer the perks of neighborhood living with optional garages, resort-style pool, beautifully landscaped recreation areas, dog parks, and even an electric car charging station – all maintained by a professional management company, without mortgage payments or HOA fees.

 

About MEB Management Services

As one of the Southwest’s largest providers of multi-family fee management services, MEB has enjoyed being in business for 20 years focusing on clients’ investment objectives and creating value for them.  MEB Management Services provides management expertise for all types and qualities of assets including Luxury, New Development, Student Living, Repositioning, Lease-Up, Value-Add, Tax Credit and Affordable Housing.  As an Accredited management Organization (AMO) by the Institute of Real Estate Management, MEB is the best at increasing the monetary value of assets while decreasing expenses.

For more information, visit www.avillahomes.com.

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