Deer Valley Rental Community Flips for $64M

Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), 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.

Within a three-mile radius of the property, 1.8 million square feet of retail and dining space is available, 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. 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.