CBRE negotiated the sale of Bella Encanta, a 212-unit, luxury, build-to-rent (BTR) home community located in Mesa, Ariz. CBRE’s Griffen Tymins, Asher Gunter, Matt Pesch, Sean Cunningham and Austin Groen represented the seller, Bela Flor Communities. A global institutional investor acquired the community for $95.75 million.
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“Bela Flor’s signature BTR communities provide a unique luxury lifestyle appeal and have been very well received,” said CBRE’s Tymins, an associate at CBRE who focuses on BTR communities in the Western . “Bella Encanta is the finest BTR product in Mesa, and the community’s design, large two-, three-, four- and five-bedroom homes, and advantageous location attracted remarkable investor demand.”
Completed in 2023, Bella Encanta features duplex-style homes with the largest floorplans in the rental submarket, custom home-quality unit interiors, and comprehensive resort-inspired amenities, including a swimming pool area with two spas, poolside cabanas, sundeck and barbecue grotto. The community’s resident clubhouse includes a large fitness center with a climbing wall, demonstration kitchen, billiards table, leasing office, conference room, meeting space and seating areas. Bella Encanta has extensive outdoor amenities, including soccer fields, two pet parks with a wash station, a sand volleyball court, a basketball half-court, two pickleball courts, a children’s playground, walking paths and multiple picnic areas with barbecue grills.
Headquartered in Mesa, Bela Flor Communities has delivered for sale communities and rental communities throughout the Phoenix metropolitan area.
“We are extremely proud of Bella Encanta and this transaction is a testament to the community’s outstanding appeal and cutting-edge features,” said Bela Flor CEO Karl Huish. “Our focus on incorporating technology, sustainability, and energy efficiency in our communities clearly differentiates Bela Flor homes. Every home at Bella Encanta has LED lighting throughout, dual-pane insulated windows, tankless water heaters, video doorbells, smart thermostats and USB ports. Each home has a private, two-car attached garage with EV charging capability, which is truly a rare and desirable amenity in any market.”
Bella Encanta’s home interiors feature wood-style plank flooring throughout, 10′ ceilings downstairs and 9′ ceilings upstairs, full-size Samsung or LG washer and dryer and ceiling fans with LED lighting in all bedrooms and living room. Gourmet kitchens include premium granite countertops with a large undermount sink, an eat-in island, stainless steel Samsung or LG appliance package with gas cooktops, pendant lighting, shaker cabinetry and a subway tile backsplash.
In 2024, national multifamily sales volume totaled $142.6 billion and BTR sales volume topped $3.3 billion, according to CBRE research. The CBRE Build-To-Rent specialty practice group consists of more than 20 professionals covering all U.S. markets.
“BTR housing construction is essential in order to address the national housing shortage and investors are paying attention,” added Tymins. “The BTR asset class is one of the most attractive emerging investment vehicles available.”
