In Phoenix, Arizona, the multifamily property The Livano Deer Valley was recently sold by Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI). The sale price of $64 million translates to $264,463 per unit. Representing the seller LIV Development and procuring the buyer The Praedium Group were Steve Gebing and IPA’s Cliff David.
Within a three-mile radius of this newly built property lies 1.8 million square feet of retail and dining options including popular outdoor malls such as The Shops at Norterra and Happy Valley Towne Center.
The Livano Deer Valley offers residents access to amenities like a leasing office, clubhouse, central courtyard with an oversized pool and spa area. Each apartment boasts nine-foot ceilings along with stainless steel appliances in the kitchen, walk-in closets for storage needs,and laundry areas equipped with full-size washers/dryers. Some units even feature 12-foot ceilings paired with floor-to-ceiling windows for added natural light exposure. On average,the apartments are spacious at around 821 square feet each.
This recent transaction highlights continued growth in Phoenix’s rental market as well as strong investor interest in high-quality properties within prime locations.
