Dealmaker: IPA Brokers $145M Arizona Multifamily Sale

Institutional Property Advisors, Ontario, Calif., sold Liv North Scottsdale, a 240-unit multifamily asset in Scottsdale, Ariz., for $145 million, or $604,167 per unit.

IPA Executive Managing Directors Steve Gebing and Cliff David represented seller Liv Communities, Tempe, Ariz., and procured the buyer.

Gebing said renter demand for apartments in the North Scottsdale submarket has led to strong operational fundamentals, evidenced by consistent 96 percent average physical occupancy over the last five years. He called North Scottsdale one of the premier core submarkets in the western United States.

David said nearly 80 percent of North Scottsdale residents work as salaried professionals, making it one of the area’s highest-earning submarkets. The annual average household income in the area exceeds $145,000.

Liv North Scottsdale occupies the intersection of Scottsdale Road and Greenway Hayden Loop, close to Scottsdale Quarter and Kierland Commons. Major North Scottsdale employers include American Express, Vanguard and the Mayo Clinic.

Completed in 2014, Liv North Scottsdale’s apartment homes have nine-foot ceilings, walk-in closets and private patios or balconies. Community amenities include a resort-style heated pool and spa, an outdoor kitchen with a barbecue grilling station, bar seating and sweeping views of the Scottsdale Airpark and McDowell Mountains.