P.B. Bell and Rockpoint Announce Sale of The Landing at Fiesta Village
Development of upscale multifamily community completed in December 2022
BOSTON, June 13, 2024 – P.B. Bell, a Scottsdale-based developer specializing in multifamily housing communities in Arizona, and Rockpoint, a Boston-based real estate private equity firm, today announced the sale of The Landing at Fiesta Village (“Fiesta Village” or “the Property”), an upscale, garden-style multifamily community in Mesa, Arizona. Financial terms of the transaction were not disclosed.
Fiesta Village is located in the core of Phoenix’s Southeast Valley, one of the most sought-after Sun Belt markets with convenient access to the city’s employment hubs. The newly developed community is situated within the residential suburb of Mesa and features one-, two-, and three-bedroom units with a range of luxury amenities, including gourmet kitchens with granite countertops, custom cabinets, stainless steel appliances, and spacious outdoor balconies. Fiesta Village also offers an array of amenities, giving residents full access to a business center, clubroom, 24-hour fitness facility, resort style pool, dog park, dog spa, community playground, and smart home door locks, thermostat, and lights (and more).
P.B. Bell and Rockpoint originally acquired the 10.2-acre development site in 2020 and subsequently developed the property into the 220-apartment residential complex that was completed in December 2022.
“Fiesta Village sets the standard for living in the City of Mesa. We designed this community with contemporary aspects, smart living, and exceptional amenities to give residents a luxury lifestyle in the conveniently located Mesa suburb,” said Justin Steltenpohl, P.B. Bell’s Chief Operating Officer.
“When P.B. Bell and Rockpoint agreed to a joint venture to develop Fiesta Village in 2020, we saw a unique opportunity to invest in a compelling and fast-growing market where demand for new, world-class residential properties continues to strengthen as a result of sustained in-migration and employment growth,” said Aric Shalev, a Managing Member and Co-President at Rockpoint. “This transaction is reflective of our broader strategy to invest in markets where we have deep relationships with local partners like P.B. Bell. We were pleased to work with their team, whose deep market and trade expertise makes them a premier developer in Arizona.”
About P.B. Bell
Based in Scottsdale, P.B. Bell has specialized in the development and management of multifamily housing communities in Arizona since 1976. Committed to quality apartment homes and service, P.B. Bell’s portfolio spans throughout every Phoenix submarket as well as Northern Arizona and its clientele range from global investment firms to individual owners. As a leader in the multifamily housing industry, P.B. Bell has earned multiple awards for its design, development and management services. For more information, visit www.pbbell.com or call 480.951.2222.
About Rockpoint
Rockpoint is a real estate private equity firm that employs a fundamental value approach to investing, targeting select product types and markets throughout the United States. The firm applies a consistent and disciplined investment approach across its investment programs, which span distinct return profiles. Rockpoint continually assesses market opportunities and evaluates potential investments relative to intrinsic value, replacement cost, and cash flow, targeting investments that Rockpoint believes are inefficiently priced or misunderstood by the broader market. Rockpoint proactively pursues opportunities that exhibit strong value potential that can be realized through impactful asset management. Since 1994, the firm’s co-founders with others have sponsored 19 investment vehicles and related co-investment vehicles through Rockpoint and a predecessor firm and have invested or committed to invest in 503 transactions with a total peak capitalization of approximately $80 billion. To learn more, visit www.rockpoint.com.
Contacts
Sarah Salky / Erik Carlson
Joele Frank, Wilkinson Brimmer Katcher
(212) 355-4449
Rockpoint-jf@joelefrank.com