Nuveen Acquires $116M Phoenix Community
The Rockefeller Group sold the 19-building property, which is near several major employers.
Nuveen Real Estate has purchased a community in Gilbert, Ariz., for $116 million, according to Yardi Matrix data. The seller was The Rockefeller Group. The 356-unit asset, Liv Crossroads, was completed in 2022.
The 19-building property sold for $325,843 per unit. Located at 445 E. Germann Road, Liv Crossroads is situated in Gilbert’s central business district. Residents are in proximity to the 250-acre, $750 million mixed-use site, the Rivulon, home to employers including AmeriFirst Financial, Morgan Stanley, Deloitte, Merrill Lynch and the headquarters of Isagenix International.
Another employment area, Chandler Airpark, is next to Liv Crossroads. Companies such as Honeywell, Amazon, PayPal, Intel, Wells Fargo, Dignity Health and Northrop Grumman are close to the community. The Chandler Fashion Center and San Tan Village, with retail options, are accessible via a short drive.
Liv Crossroads features studio, one-, two- and three-bedroom homes with an average size of 876 square feet. Amenities include a clubhouse, pool, fitness center, community garden, car care center and electric car charging stations. Individual units have walk-in closets.
According to Yardi Matrix data, the asset is 96.9 percent occupied.
Executive Managing Directors Cliff David and Steve Gebing with Institutional Property Advisors represented the seller and procured the buyer.
Nuveen’s global investing initiative
Earlier this year, Nuveen Real Estate aimed to launch a global impact investing sector across the U.S., Europe and Asia-Pacific. Goals included $15 billion in real estate assets managed by the company by 2026. Projects targeted by the initiative are affordable, climate-safe and sustainable assets.
Recently, Nuveen Real Estate partnered with Jair Lynch Real Estate Partners to preserve 312 units of affordable housing in a 75-year-old community in Washington, D.C. The acquisition ensured that 100 percent of the homes are restricted to residents earning less than 60 percent of the area median income.