A Phoenix-based developer announced the $37.2 million sale of a build-to-rent community along Deer Valley Road in north Phoenix.
The developer, NexMetro Communities, announced the sale of the single-family rental Avilla Homes project — a transaction officials say is “a record milestone that shows the long-term value” of the Avilla brand of single family rental neighborhoods in the Valley.
The sale closed Oct. 29. Officials said units in the Avilla Paseo community, which has 89 homes, sold for about $418,000 each — more than double the company’s first Phoenix-area asset sale, which took place in 2018, a press release said.
