Jim Tatum
Institutional Property Advisors recently sold Liv Crossroads, a 356-unit multifamily property in Gilbert, Ariz., for $116 million, or $325,843 per unit.
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.
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.
IPA Executive Managing Directors Steve Gebing and Cliff David represented the seller and procured the buyer.
IPA also recently sold La Serena, a 160-unit multifamily asset in Tempe, for an undisclosed price.
Located near Interstate 10, U.S. 60/Superstition Freeway and Loop 101/Price Freeway, residents are within reach of employment corridors throughout Tempe, Chandler, Mesa, and Greater Phoenix. Major area employers include Intel, State Farm, JPMorgan Chase, Wells Fargo, and Amazon. Shopping and entertainment are nearby at Arizona Mills and Chandler Fashion Center. Arizona State University’s main campus and Phoenix Sky Harbor International Airport are also within a short drive.
La Serena was constructed by Mark-Taylor in 1988 on over seven acres. The 20-building asset features such community amenities as courtyards, a swimming pool and spa, fitness center, shaded barbecue grilling stations, and covered parking. Apartment interiors feature full-size, side-by-side washers and dryers, walk-in closets with mirrored doors, and private patios or balconies with exterior storage space. Select two-bedroom units have fireplaces. The average unit size is 825 square feet.
Marcus & Millichap senior vice presidents Darrell Moffitt and Pau Bay, and IPA executive managing directors Cliff David and Steve Gebing, represented the private seller and procured the buyer, Rise48 Equity.
