Phoenix-Area Property Sells for $76M

Institutional Property Advisors represented the seller and procured the buyer in the transaction.
Liv Goodyear. Image courtesy of Institutional Property Advisors

Liv Communities has sold Liv Goodyear, a 326-unit Class A property in Goodyear, Ariz., for $75.5 million, or $231,595 per unit. Institutional Property Advisors represented the seller and procured the buyer, a Canadian private investor. Shelton Properties is the manager of the asset, according to Yardi Matrix data.

Located at 15361 W. Virginia Ave., the property is near the intersection of Interstate 10 and Freeway 303, approximately 20 miles from downtown Phoenix. The community is approximately 1 mile from Civic Square at Estrella Falls, a 48-acre development, which will feature a city hall, library and office space. Other nearby amenities include a shopping mall, Market at Estrella Falls, which offers dining, entertainment and shopping options.

Completed in 2019, the 16-building development occupies 24 acres and comprises a mix of studio, one-, two- and three-bedroom units, averaging 879 square feet. The apartments are equipped with washers and dryers and feature above-standard ceiling heights, outside storage and private balconies or patios. Community amenities include saltwater pool and spa, outdoor barbecues and gaming areas.

Institutional Property Advisors’ Cliff David worked on behalf of both parties in the transaction. The brokerage firm’s latest deals include the sale of a 92-unit community in Los Angeles, for $34.5 million.