Institutional Property Advisors Brokers $116 Million Multifamily Asset Sale in Metropolitan Phoenix
December 07 2022 - 9:45PM
Business Wire
Institutional Property Advisors (IPA), a division of Marcus
& Millichap (NYSE:MMI), announced the sale of Liv Crossroads, a
356-unit multifamily property in Gilbert, Arizona. The $116 million
sales price represents $325,843 per unit.
“Adhering to the principles of the Liv Communities’ brand, the
property offers a unified culture built around a lifestyle that
encourages connectivity, responsibility, and overall wellness,”
said Steve Gebing, IPA executive managing director. “These
distinctive characteristics are interwoven into the fabric of the
community, as evidenced by the purposeful material choices,
thoughtful living spaces, and highly amenitized common areas that
create a home for affluent professionals who seek an active,
suburban lifestyle. Demographics within one mile of the property
include average and median annual household income of $156,300 and
$117,400, respectively.” Gebing and IPA executive managing director
Cliff David represented the seller and procured the buyer.
Completed in early 2022, the property is located within
Gilbert’s central business district, close to Rivulon, a $750
million, 250-acre mixed-use development, home to Morgan Stanley,
Deloitte, Merrill Lynch, Amerifirst Financial and Isagenix
International’s headquarters. Chandler’s fastest-growing employment
corridor, the Chandler Airpark area, is also adjacent to the
property. Gilbert and Chandler’s rosters of domestic and
international companies include Honeywell, Intel, PayPal, Amazon,
Wells Fargo, Dignity Health, and Northrop Grumman. Luxury retail
shopping is within a short drive at San Tan Village and Chandler
Fashion Center.
Liv Crossroads is a 19-residential building property with a
clubhouse, resort-style heated swimming pool and fitness center.
Residents have access to a car care center, electric car charging
stations, bicycle repair station and community garden. The studio,
one-, two- and three-bedroom apartments average 876 square feet.
Units have walk-in closets, vinyl plank-wood flooring in the living
areas, and kitchens with granite countertops and stainless-steel
appliances.
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
About Marcus & Millichap, Inc. (NYSE: MMI) Marcus
& Millichap, Inc. is a leading brokerage firm specializing in
commercial real estate investment sales, financing, research and
advisory services with offices throughout the United States and
Canada. As of December 31, 2021, the company had 1,994 investment
sales and financing professionals in 82 offices who provide
investment brokerage and financing services to sellers and buyers
of commercial real estate. The company also offers market research,
consulting and advisory services to clients. Marcus & Millichap
closed 13,255 transactions in 2021, with a sales volume of
approximately $84.4 billion. For additional information, please
visit www.MarcusMillichap.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20221207005983/en/
Gina Relva, VP of Public Relations
Gina.Relva@marcusmillichap.com
Marcus and Millichap (NYSE:MMI)
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