AV Homes, Inc and JEN Partners, , a New York City-based residential investment company, through a newly formed entity, acquired 527-acres at Eastmark , DMB Associates' newest large-scale integrated community in Mesa. AV Homes' investment was $18.6 million; JEN Partners investment was $13.6 million.
AV Homes will control 310 acres on which it plans to build approximately 1,000 homes under its Vitalia active adult brand. JEN Partners plans to develop the remaining 217-acre 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 opportunity to be associated with Eastmark gives the company strong positions in both the East and West Valley active adult markets. "Eastmark is clearly one of the best development locations in the region. As the local home building industry continues to improve, we will be well positioned to serve active adults in two proven markets," he said. The company is currently building at its CantaMia active adult community located in the West Valley's Estrella master-planned community.