A rental townhome development in Avondale has traded hands a year after being built.
Mesa-based Bela Flor Communities sold a 70-unit built-to-rent property it developed last year to an LVP Partners Group affiliate in a $30.1 million all-cash deal, the Phoenix Business Journal reported. The development, known as Avalon Townhomes, sits on roughly 5.8 acres at 13025 West Thomas Road.
The price amounts to $430,000 per unit. Mark Forrester, Andrew Curtis and Ryan Boyle of Berkadia Phoenix represented the seller.
The townhomes average a little under 1,700 square feet with monthly rental rates between $2,300 and $2,600. The property was 93 percent occupied at the time of closing. The complex’s amenities include a swimming pool, pet park, hammock garden, barbecue setup, bocce ball court and electric vehicle chargers.
The sale marks LVP Partners Group’ fourth acquisition in the metro Phoenix area since 2020, Forrester told the outlet. The firm holds 425 units in Arizona, he said. No other information about the buyer has been reported.
Bela Flor Communities bought the vacant parcel for Avalon Townhomes from TruVista Development for $4.2 million cash in February 2023. The developer has trimmed its holdings in the Phoenix area. Last April, Bela Flor sold its 212-unit Bella Encanta built-to-rent townhome community in Mesa to an unnamed institutional investor for nearly $95.8 million.
The Phoenix region has the longest history of built-to-rent properties in the country, according to the Phoenix Business Journal. The metro has more than 29,000 units of built-to-rent and townhome units.
Built-to-rent homes have been increasing in popularity as the median sale price of homes in the Phoenix area has jumped more than 55 percent from December 2019, per Homes.com data cited by the Business Journal.
Baby boomers looking to downsize, residents new to a market and transient workers such as travel nurses and military members are among these properties’ frequent clientele, said Connor Devereux, director of market analytics for CoStar Group.— Chris Malone Méndez
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