Institutional Property Advisors Closes North Phoenix Multifamily Property Sale
PHOENIX, June 12, 2024 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of The Livano Deer Valley, a 242-unit multifamily property in Phoenix, Arizona. The $64 million sales price equates to $264,463 per unit.
“North Phoenix’s mountainous landscape and high-value residential real estate attract well-educated, high-earning professionals,” said Steve Gebing, IPA executive managing director. “From 2010 to 2023, the Deer Valley submarket added 8,700 renter households while introducing only 7,000 multifamily units. Within a one-mile radius of The Livano Deer Valley, the resident profile is 79% white-collar professionals with average and median household incomes of $142,500 and $105,400, respectively, and the average price of a single-family home is $650,500.” Gebing and IPA executive managing director Cliff David represented the seller, LIV Development, and procured the buyer, The Praedium Group.
The Livano Deer Valley is located along Interstate 17 near the Deer Valley and I-17 employment corridors, the collective home to one of the largest concentrations of working professionals in Arizona. The corridors have 36.4 million square feet of office, industrial, and flex space and host Fortune 500 companies such as Amazon, Wells Fargo, USAA, Farmers Insurance, Honeywell, and UnitedHealth Group. There is 1.8 million square feet of retail and dining within a three-mile radius of the property, including outdoor malls The Shops at Norterra and Happy Valley Towne Center.
Completed in 2023, The Livano Deer Valley provides residents with a leasing office, clubhouse, a centralized courtyard featuring an oversized swimming pool and spa with sundeck, palm trees and desert landscaping. Apartments feature nine-foot ceilings, stainless-steel appliance packages, walk-in closets and laundry closets with full-size washers and dryers. Select units have 12-foot ceilings and floor-to-ceiling windows. The average unit size is 821 square feet.
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About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com.