AV Homes Inc, which is based in Scottsdale, and Jen Partners LLC, a residential investment company based in New York, have acquired 527 acres via a newly formed entity at Eastmark, the most recent large scaled integrated community in Mesa, from DMB Associates. AV Homes invested $18.6 million in the project, with $13.6 million being invested by Jen Partners LLC.
AV Homes is to control 310 acres and is intending to build on it around 1,000 new homes under its active adult brand Vitalia. Jen Partners is intending to turn the remaining 217 acres into a new gated executive club community, from which it will sell to a specialist group of luxury home builders around 550 developed home sites.
Carl Mulac, the executive vice-president of AV Homes, says that the chance to be associated with Eastmark meant that the company now had strong positions in both the West and East Valley active adult markets. “Eastmark is clearly one of the best development locations in the region,” he notes. “As the local home building industry continues to improve, we will be well positioned to serve active adults in two proven markets.”
The firm is currently in the process of constructing its CantaMia active adult community, which is located in the Estrella master planned community in the West Valley. Mulac also says that the firm is currently developing its plans for community amenities and new housing product at Eastmark, pointing out that the brand new active adult community is to feature an extensive trail system/open space instead of a golf course, given that there are already a number of public golf courses in the area. It is expected that groundbreaking for the adult active community will take place early in 2014.
