AV Homes, JEN Partners Buy 527 Acres at Eastmark
Scottsdale-based AV Homes, Inc. (Nasdaq: 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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