GOODYEAR, Ariz., Dec. 20, 2019 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Liv Goodyear, a 326-unit multifamily asset in Goodyear, Arizona. The property sold for $75.5 million, or $231,595 per unit.
“Liv Goodyear is surrounded by the economic and infrastructure developments of Greater Phoenix’s next professional powerhouse, the Southwest Valley,” said Steve Gebing, IPA senior director. “The continuous success of the Phoenix region is driving focus from the tenured employment corridors of the Southeast Valley to the lucrative, long-term business opportunities of the Southwest Valley.” Gebing and IPA senior managing director Cliff David represented the seller and procured the buyer, a Canadian private investor.
Residents of Liv Goodyear have immediate access to Interstate 10, Loop 303—Bob Stump Memorial Highway, Loop 101—the Agua Fria Freeway, and the ongoing Loop 202 South Mountain expansion. Civic Square at Estrella Falls, an approximately 48-acre, $83 million project to build a city hall, library, and Class A office space is less than a mile away. Litchfield Park City Center, a community-oriented, 768,000-square-foot, mixed-use development is 3.2 miles from the property and the Market at Estrella Falls shopping center is close by.
Completed in 2019 on more than 16 acres, apartments at Liv Goodyear have nine-foot ceilings and the average unit size is 879 square feet. Community amenities include a resort-style saltwater pool and spa with abundant seating, outdoor barbecues and gaming areas.
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About Institutional Property Advisors (IPA)
With a network of senior-level investment advisors located throughout the United States and Canada, Institutional Property Advisors (IPA) is qualified to meet the needs of institutional and major private investors. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, superior support services and acclaimed research offer customized solutions for the acquisition and disposition of institutional properties and portfolios. www.institutionalpropertyadvisors.com.