Praedium Buys Luxury Phoenix Asset

The three-building community came online last year.

The community at 26800 N. 27th Ave. in Phoenix.
The Livano Deer Valley will be rebranded as Bask Deer Valley. Image courtesy of Yardi Matrix

The Praedium Group has acquired The Livano Deer Valley, a 242-unit luxury community in Phoenix for $64 million, rebranding it as Bask Deer Valley. LIV Development was the previous owner, according to Yardi Matrix information. Institutional Property Advisors represented the seller and procured the buyer.

The developer completed the community in 2023 using funds from a $32 million loan originated by U.S. Bank in November 2020, the same source shows. Partners on the project included general contractor McShane Construction Co. and architecture firm Humphreys & Partners Architects.

The property encompasses three three-story buildings spread across more than 10 acres. Units consist of studio, one- and two-bedroom floorplans ranging from 579 to 1,212 square feet and feature walk-in closets and private balconies or patios in select layouts.

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Common-area amenities include a 4,000-square-foot clubhouse, a swimming pool, a dog park, courtyards with ample seating, fire pits and a barbecue area. Additionally, the property has a fitness center, a spa, recreational games and EV charging stations.

The Livano Deer Valley is at 26800 N. 27th Ave., close to a host of dining and retail options, including the Happy Valley Towne Center, and less than 6 miles from the Taiwan Semiconductor Manufacturing Co. campus, a $65 billion, 1,100-acre development. Downtown Phoenix is 21 miles away.

The IPA team that brokered the deal included Executive Managing Directors Steve Gebing and Cliff David.

More Phoenix communities trade for less

Phoenix saw 21 communities—about 4,440 units—trading year-to-date as of May, for a combined $1.1 billion, Yardi Matrix information shows. This marks a slight increase from the 16 assets, totaling some 3,810 units, that changed hands for $1 billion during the same period last year. However, the average price per unit dropped year-over-year from $290,428 to $263,580.

In April, IMT Capital paid $96 million for The Hadley North Scottsdale, a 240-unit community in Scottsdale, Ariz. The previous owner sold the asset at a big discount to its previous sale price, $145 million.

The month before, Olympus purchased Alta Chandler at The Park, a 291-unit luxury asset in Chandler, Ariz., for $94.5 million. The property came online at the beginning of the year.

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