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Scottsdale-based AV
Homes, Inc.
AVHI and JEN Partners, LLC, 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.
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