Phoenix-Area Liv Multifamily Community Goes for $116 Million
Institutional Property Advisors represented the seller and found the buyer for the 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 IPA’s Steve Gebing. 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.
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. Rental rates go from between $1,300-$2,800 a month.
Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.
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