Praedium Group Adds to Arizona Holdings
- Sep 23, 2020
The Praedium Group has acquired Liv North Valley, a 385-unit multifamily community in Phoenix, from Liv Communities for $90 million, or $262 per square foot, according to Yardi Matrix. The firm plans to rebrand the property in the growing Phoenix submarket of North Valley as Nova North Valley.
The sale was subject to a $58.6 million loan originated by CBRE Capital Markets and held by Fannie Mae, Yardi Matrix reported. Liv Communities, which completed the asset in 2019 along Rockefeller Group, will be the property manager. Institutional Property Advisors (IPA), a division of Marcus & Millichap, brokered the sale. IPA Executive Managing Directors Steve Gebing and Cliff David represented the seller and procured the buyer.
Peter Calatozzo, principal of The Praedium Group, said in a prepared statement the North Valley submarket continues to attract significant public and private investment, noting several private companies have recently relocated to the area or expanded their offices. He said major infrastructure improvements including the Loop 303 project and the I-17 lane expansion are being undertaken to support the growing population and increase connectivity in the Phoenix MSA.
Josh Kogel, vice president of The Praedium Group, added the property also benefits from a diverse base of corporate employers, including Farmers Insurance Group, Discover Financial Services, Honeywell, and USAA, the largest employer in the area which will have about 5,500 employees in the region after expanding its campus.
In addition to being close to employment centers and major highways like I-17 and the Loop 101 Pima Freeway, Liv North Valley is near retail offerings including the Shops at Norterra.
Liv North Valley has studio, one-, two- and three-bedroom layouts. Rents range from $1,016 to $1,640 with an average of $1,327, according to Yardi Matrix data. Located on 11.4 acres, the property has 21 buildings. Detached garages are available for an additional monthly fee. The site also has 563 parking spaces and provides electric vehicle charging stations. Community amenities include a clubhouse and fitness center. Outdoor amenities include fitness stations, a community garden, sports court, sand volleyball court, playground, dog park, grilling and lounge areas, saltwater heated pool and spa, and a playground. Interior features include above-average ceiling heights, high-speed internet access and washer/dryers in all units.
In June 2019, The Praedium Group purchased another Phoenix area multifamily property—the 306-unit Town Commons in Gilbert, Ariz.—from Epoch Residential for $73.6 million, according to Maricopa County records. Earlier this year, The Praedium Group acquired a newly built, 324-unit multifamily property, Oasis at Sarasota, near downtown Sarasota, Fla., from Picerne Real Estate Group and Equity Resources.
In December, Liv Communities sold Liv Goodyear, a 326-unit Class A property in Goodyear, Ariz., for $75.5 million to a Canadian private investor.