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Bela Flor Communities has sold Avalon Townhomes, a recently completed build-to-rent community in Avondale, to LVP Partners Group in an all-cash transaction totaling $30.1 million. The price equates to nearly $430,000 per unit, reflecting investor interest in newly built rental housing product in the area.
Avalon Townhomes was developed by Bela Flor Communities and delivered in 2025 on a 5.77-acre site at 13025 W. Thomas Road. According to reporting cited in the Phoenix Business Journal, Bela Flor assembled the development site in February 2023, acquiring the then-vacant parcel from TruVista Development for $4.2 million in a cash purchase.
The build-to-rent community is configured as townhome-style units and was completed just one year prior to the sale. At closing, occupancy stood at 93%, indicating that the lease-up was substantially complete at the time of the transaction. The townhomes average 1,677 square feet per unit, supporting a larger-format rental product relative to conventional multifamily apartments.
Monthly rents at Avalon Townhomes at the time of sale ranged from $2,294 to $2,583, according to information provided on the transaction. These rents, combined with the occupancy level and the all-cash structure, provide context around how investors are currently underwriting newer build-to-rent assets in the market.
The acquisition represents LVP Partners Group’s fourth purchase in the metro Phoenix area since 2020. With the addition of Avalon Townhomes, the firm now controls a total of 425 units across Arizona. The repeat buying activity underscores LVP Partners Group’s ongoing allocation to the region and the build-to-rent and townhome rental segment.
Berkadia Phoenix handled the sales assignment on behalf of Bela Flor Communities. The transaction team was led by Mark Forrester, Andrew Curtis and Ryan Boyle, who represented the seller in the disposition of the property to LVP Partners Group.
Metro Phoenix continues to stand out as a significant hub for build-to-rent housing nationally. The market has more than 29,000 existing build-to-rent and townhome units, underscoring the scale of the segment and its role in the broader multifamily and single-family rental ecosystem.
Separately, the Phoenix deal environment remains active but selective, with market participants emphasizing disciplined capital deployment and asset-specific underwriting. An upcoming industry event, Connect Phoenix Multifamily, SFR & BTR on April 8, will convene lenders, investors and sponsors to discuss current lending terms, equity requirements, recapitalization strategies, shifting bid-ask dynamics and what is required to secure capital and close transactions in Greater Phoenix’s evolving environment.
The conference will focus on how capital is being allocated among multifamily, single-family rental and build-to-rent assets, and how participants are responding to changes in pricing and risk assessment. Attendees are invited to engage with peers and industry leaders on these themes and to register through the event’s dedicated site.
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