Institutional Property Advisors, a division of Marcus & Millichap, brokered 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. Steve Gebing and IPA’s Cliff David represented the seller, LIV Development, and procured the buyer, The Praedium Group.
Completed in 2023 by developer McShane Construction Company, The Livano Deer Valley provides residents with a leasing office, clubhouse, a centralized courtyard featuring an oversized swimming pool and spa with sundeck. 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.
Institutional Property Advisors (IPA) is 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.
Founded in 2006, LIV Development is a leading multifamily developer specializing in vibrant Class A communities across the United States. Motivated by a desire to be the best, not the biggest, our unwavering commitment to excellence and strategic resident-first approach yields higher returns for our investors, employees, and residents. From meticulous site selection and innovative design to diligent hands-on construction and operations management, each phase of development is distinctively performed with residents in mind.
The Praedium Group is a privately-held real estate investment firm that was founded 30+ years ago. Since inception, Praedium has sponsored a series of private equity funds, as well as several separate investment vehicles, and has invested over $12 billion of capital on behalf of its clients including public and corporate pension funds, financial institutions, insurance companies, foundations and endowments. Praedium sources transactions through its extensive network developed over the last three decades with real estate owners, financial institutions and industry professionals.
