Joint venture sells built-to-rent development near Phoenix for $30 million

Article originally posted on CoStar on March 26, 2026

LVP Partners Group purchased Avalon Townhomes, a newly constructed, built-to-rent development in the Phoenix area, for $30.1 million.

The 70-unit townhouse development at 13025 W. Thomas Road in Avondale commanded $430,000 per unit and was 93% occupied at the time of sale. The sellers were Bela Flor Communities and TruVista Development.

The property features a mix of two- and three-bedroom townhouses. Amenities include a resort-style pool and spa, pet park and outdoor fitness circuit.

“In comparison to many build-to-rent communities recently delivered in Metro Phoenix, Avalon Townhomes stands apart due to its site plan, amenities, and spacious floor plans that include attached garages,” said Andrew Curtis, a managing director at Berkadia, in a press release.

Mark Forrester, Andrew Curtis, Ryan Boyle and Griffin Brenseke of Berkadia represented the sellers in the transaction.