Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Liv North Scottsdale, a 240-unit multifamily asset in Scottsdale, Arizona. The property sold for $145 million, or $604,167 per unit.
“Liv North Scottsdale is an elegant, artistically conceptualized collection of apartment homes in one of the premier core submarkets in the Western United States,” said Steve Gebing, IPA executive managing director. “Often referred to as ‘the Beverly Hills of the Desert,’ the city of Scottsdale’s commitment to attracting and retaining top-tier employers and creating lifestyle amenities for its residents has resulted in skyrocketing in-migration and an exceptional quality of life. Renter demand for apartments in North Scottsdale has led to strong operational fundamentals, evidenced by consistent 96% average physical occupancy over the last five years.” Gebing and IPA executive managing director Cliff David represented the seller, Liv Communities and procured the buyer. “With nearly 80% of residents working as salaried professionals, North Scottsdale’s is one of the Valley’s highest-earning submarkets,” noted David. “Annual average and median household income in the area is $145,100 and $91,800, respectively.”
Liv North Scottsdale’s location at the intersection of Scottsdale Road and Greenway Hayden Loop places its residents within easy walking distance of Scottsdale Quarter and Kierland Commons, two central open-air destinations in North Scottsdale for upscale retail, dining and entertainment. The Scottsdale Quarter has 317,000 square feet of retail space and a growing professional base that includes companies such as Blue Yonder, Apogee Medical Management, and Universal Electronics. Within the immediate vicinity of Liv North Scottsdale there is 23 million square feet of office, industrial, and flex space and 2,500 businesses in the finance, insurance, real estate, business services, healthcare, and consumer services industries. Major North Scottsdale employers include American Express, Vanguard, GoDaddy, the Mayo Clinic, and Axon Enterprises.
Completed in 2014, Liv North Scottsdale’s spacious, contemporary apartment homes have nine-foot ceilings, full-size washers and dryers, walk-in closets, and private patios or balconies. Community amenities are led by a resort-style heated pool and spa and a private cabana with flatscreen televisions. The rooftop patio has a firepit, an outdoor kitchen with a barbecue grilling station, bar seating and sweeping views of the Scottsdale Airpark and McDowell Mountains. Residents also receive access to rentable storage units, reserved covered parking, and a structured parking garage.