JEN Partners and AV Homes have purchased 527 acres to create a gated executive club community and an active adult community at Eastmark, DMB ’ newest large-sclae, integrated community in the East Valley.
AV Homes plans to build approximately 1,000 homes under its Vitalia active adult brand on 310 acres. JEN Partners plans to develop the remaining 217 acres into a gated executive club community. JEN will sell approximately 550 developed home sites to a select group of luxury home builders. Groundbreaking for the active adult community could occur in early 2014 with the first home closing planned for late 2014. Phoenix-based
TerraWest Management Company, LLC will manage entitlement and land development activities on behalf of the companies.
The cash deal was brokered by Nate Nathan, Dave Mullard and Casey Christensen of Nathan & Associates, Inc.
Eastmark’s Grand Opening is scheduled for May 2013. The community will launch with seven fine builders, a welcome and community center and the first phase of the 100-acre Great Park featuring an urban plaza, interactive water area, and concert and event lawn.
At five square miles (3,200 acres), Eastmark is a vibrant, integrated and evolving regional community poised as “The Heart and Hub of the East Valley.” Scheduled to open its first phase of residential development with seven homebuilders in May 2013, Eastmark is currently home to First Solar’s global operations center. Eastmark sits at the center of a major transportation hub anchored by the Phoenix-Mesa Gateway Airport, three major freeways, numerous businesses and acclaimed educational institutions. An expansive 100-acre Great Park will connect residential areas, resort components, employment cores, recreational spaces and commerce. Eastmark, is the largest privately held, contiguous property in the Southeast Valley.