NexMetro to Open Phoenix BTR Community
This marks the company’s fifth delivery in the market in the past 18 months.
NexMetro will officially open Avilla Western Garden this month. This build-to-rent community consists of 195 homes in Phoenix. Trez Capital issued a $47.4 million construction loan in May 2024, Yardi Matrix data shows.
The property encompasses one- to three-bedroom, single-level units averaging 967 square feet, with detached homes across the two- and three-bedroom variety. Each house includes backyards and front porches, while the community amenities consist of a dog park, swimming pool and outdoor lounge, among other features.
Located on 16 acres at 4041 N. 97th Ave., Avilla Western Garden is about 15 miles northwest of downtown Phoenix, near Loop 101. More than 6 million square feet of retail space is within a 3-mile radius of the property, according to Yardi Matrix data, including the Westgate Entertainment District.
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This community marks NexMetro’s 23rd property across Phoenix and its fifth delivery in the metro over the past 18 months. The firm’s footprint in the Valley of the Sun has reached more than 4,000 rental homes, while its nationwide portfolio clocked in at north of 10,000 units throughout 63 properties.
Earlier this year, NexMetro expanded its inventory, opening its first property in Austin, Texas: a 150-unit community dubbed Avilla Vista Ranch. Two other completions followed, totaling 484 rental homes across the market.
Advertised BTR rates stumble as supply floods Phoenix
While the national BTR average advertised rates reached an all-time record in August, the figure has been on a downward trajectory ever since, dropping 0.5 year-over-year last month, marking the largest November decrease in more than a decade, the latest Yardi Matrix report shows.
Advertised SFR rates were also down 0.9 percent year-over-year as of November in metro Phoenix, the same source shows. BTR occupancy throughout the Valley of the Sun clocked in at 93.6 percent in October, 130 basis points below the national average.
The market witnessed the delivery of more than 6,600 rental homes year-to-date through early December, representing more than 28 percent of total stock, according to Yardi Matrix data. What’s more, Greater Phoenix still had nearly 7,300 rental homes underway as of the same month.
