Upscale, Garden-Style Multifamily Community Sells in Mesa

P.B. Bell, a Scottsdale-based developer specializing in multifamily housing communities in Arizona, and Rockpoint, a Boston-based real estate private equity firm, announced the sale of The Landing at Fiesta Village, 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.”