NexMetro Communities has sold its first asset, the 125-unit Avilla Palm Valley, located in Goodyear, Ariz., to a private investor for $25.1 million. Teams from Berkadia’s Phoenix and Tucson, Ariz., offices represented NexMetro in the transaction.
Avilla Palm Valley is located at 4200 N. Falcon Drive, in a large residential neighborhood which encompasses several other similar properties. The community consists of 30 one-bedroom, 51 two-bedroom and 44 three-bedroom units, ranging from 635 to 1,244 square feet. Avilla Palm is a hybrid development, featuring the physical separation and private backyards found in single-family homes, but with the centralized management typical of multifamily assets. Common area amenities include a swimming pool, spa, grassy areas with walking paths, electric vehicle charging stations and 232 covered parking spaces.
The nearby area features several golf courses, a sports park and a few schools within walking distance. A variety of shopping and dining destinations are also nearby, along Indian School Road and Pebble Creek Parkway. Nearby major thoroughfares include State Route 303 and Interstate 10. Phoenix multifamily development is still growing, in part driven by the employment gains in the education, healthcare and technology sectors. Thousands of jobs are being added to the metro’s diversifying economy, as large tech companies are announcing plans to expand or relocate in the region.
“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. There has been a substantial shift in the renter mindset, and our Avilla Homes neighborhoods are uniquely positioned to meet this consumer demand,” said Josh Hartmann, president & COO of NexMetro, in a prepared statement.
Image courtesy of Yardi Matrix