Vasaro
In its first real estate foray into the desert Southwest in 2004, Novawest purchased four contiguous parcels in Vasaro, a gated community in Chandler, Arizona. Novawest immediately began the process of designing homes for these parcels, intending to raise the bar for quality desert living. Due to the demand for vacant lots at the time, the properties were sold prior to construction. However, the sensible design practices developed for the Vasaro project will live on with other investments in the area. Novawest is enthused about working with the City of Chandler and other desert communities that have committed to urban infill programs designed to bring intelligent living spaces to their neighborhoods. The investor internal rate of return (IRR) for this project was in excess of 150 percent.