Phoenix developer that ignited the build-to-rent phenomena has $1 billion in projects lined up

Article originally posted on Phoenix Business Journal on November 1, 2024

Phoenix-based NexMetro Communities, which started the build-to-rent phenomena that is taking the country by storm, has another $1 billion worth of projects on its plate in several markets, including Arizona.

Across the nation, NexMetro has 59 projects with 10,178 homes completed, under construction and in development, and a total investment of more than $2.6 billion to date, said Jared Geisler, managing director of NexMetro’s Phoenix division.

In metro Phoenix, NexMetro has completed or has under construction more than 4,100 homes.

Its latest development set for leasing will be Avilla Palomino in Glendale, making it Nexmetro’s 21st BTR community in metro Phoenix.

General contractor Mosaic broke ground on the project in August 2023, with BSB Design as architect for the project expected to see the last construction phase of homes to be delivered in mid-2025.

The 197-unit community is on 18 acres at the southeast corner of 51st Avenue and Peoria, which formerly was a horse race track, and a dairy farm before that.

The Avilla Palomino name pays tribute to its history, Geisler, said.

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