Phoenix, Arizona – Mesa-based Bela Flor Communities secured three multifamily developers for their Mountain Vista project located near Signal Butte Road and Southern Avenue in Mesa, AZ. Lee & Associates represented the seller and all three buyers in the transactions.
Originally, the 80-acre development was planned as a large power center, anchored by Super Target. Through collaboration with the city of Mesa’s planning staff, Bela Flor defined a more mixed-use approach to attract residents and jobs to the area, and ultimately sales tax revenue for the City. “We had a shared vision of what this trade area could ultimately become, and Mesa really helped us advance it forward,” said Hudd Hassell, President, Bela Flor Communities.
In all, three parcels totaling 37 acres with over 900 future multifamily units will be built along Hampton Avenue, adjacent to Sprouts and future commercial and retail parcels. “It’s interesting to see three multifamily developers all building at the same time within the same project. What makes this situation unique is that the developers are catering to different demographics, and therefore won’t compete directly with each other,” said Hassell. There are still approximately 28 acres remaining for future medical office, commercial or business park uses.
DHI Communities, a subsidiary of D.R. Horton homebuilding company, plans to build 300 units designed as traditional two and three-story garden-style apartments with planned retail shops along Southern Avenue. These units will be larger in size and cater to a demographic that prefers a more suburban feel with onsite amenities and rich landscape.
Talos Holdings, a multifamily real estate development firm with offices in Scottsdale, Fort Worth and Atlanta, plans to build 350 four-story apartment units with surface parking. The complex will cater to a demographic that is constantly on the go, whether biking to their nearby offices or walking to retail shops and restaurants. Their vision for this project is to be a more urban environment providing residents with great amenities and spectacular views of the Superstition Mountains. They are excited for the opportunity to work with the city of Mesa in providing a unique, upscale development in the East Valley, as it is an underserved market for class A multifamily.
Sparrow Partners, which develops, builds and manages age-restricted housing that caters to active adults, plans to build a four-story community that will offer spacious apartments with high-end finishes and elevated amenities for a moderate price. Sparrow’s latest project in the Mountain Vista development is expected to open in the Spring of 2022. The Austin, Texas-based company has recently commenced construction on three additional communities in the Phoenix area.
Together, these three developments are supplying the ever-increasing demand for housing that we are seeing in the East Valley. With a population of over half a million in 2020 and expected to grow by 6.4% by 2025, Mesa has been ranked the 35th largest city in the US and second largest in the Phoenix-Mesa metro area.
The 80-acre development sits near Signal Butte Road and Southern Avenue, with US60 providing major highway exposure and monument signage opportunities seen by over 90,000 cars per day. Just minutes away are major corporations like Banner Health and The Boeing Company, schools, retail, restaurants, and additional amenities. It’s also located in proximity to the Elliot Road Tech Corridor which is booming with new industrial and data center developments including Google and Apple.
Just south of the site is Eastmark, a new master-planned residential community and 1,000 acres of rezoned mixed-use land at Hawes Crossing. The rezoning of the land at Hawes Crossing is a significant milestone and attractive to developers as Mesa has seen more than 110,000 people move to the area in the last two decades. West of the site sits the Superstition Vistas Area Planning Project which is envisioned to become a thriving and sustainable desert community.
Bela Flor Communities has begun the infrastructure work onsite and the multifamily developers are expected to break ground in spring of 2021. Approximately 28 acres remain as opportunities for future medical office, commercial or business park uses.