AV Homes and JEN Partners have acquired 527 acres at Eastmark, a new large-scale integrated community in Mesa, Ariz.
AV Homes, which engages in home building, community development and land sales in Florida and Arizona, invested $18.6 million in the acquisition from DMB Associates, a real estate development firm based in Arizona. JEN Partners, a New York-based residential investment company, provided $13.6 million.
AV Homes, based in Scottsdale, Ariz., will control 310 acres at Eastmark, where it plans to build approximately 1,000 homes under its Vitalia active adult brand. JEN Partners plans to develop the remaining 217 acres into a gated executive club community where it will sell approximately 550 developed home sites to a select group of luxury home builders.
AV Homes Executive Vice President Carl Mulac said the company is developing its plans for new housing product and the community amenities at Eastmark. He also noted that the new active adult community will include an extensive open-space/trail system in lieu of a golf course because there are numerous public courses in the area.
Pending entitlements, groundbreaking for the active adult community is expected to occur in early 2014, with the first home closing anticipated in late 2014. This will follow the grand opening of Eastmark in May 2013.
JEN Partners’ executive club community will be attractive to executives who are employed at a growing number of companies that have established or are establishing operations in the nearby area, said Mike Jesberger, managing member of TerraWest Management Company, which will manage entitlement and land development activities on behalf of JEN Partners and AV Homes.
The timeline for development of the executive club mirrors that of the active adult community, Jesberger added.