IPA Brokers $116M Sale of Liv Crossroads Apartment Community in Gilbert, Arizona
GILBERT, ARIZ. — Marcus & Millichap’s Institutional Property Advisors (IPA) has arranged the sale of Liv Crossroads, a multifamily property located in Gilbert, approximately 20 miles southeast of Phoenix. The 356-unit property sold for $116 million, which equates to $325,843 per unit.
Completed earlier this year, the property comprises 19 residential buildings, as well as a clubhouse, heated pool and fitness center. Other amenities at the community include a car care center, electric car charging stations, bicycle repair station and community garden.
Averaging 876 square feet, the apartments feature walk-in closets, vinyl plank flooring, stainless steel appliances and granite countertops in the kitchens. According to the community’s website, studio rents start at $1,330 per month and one-bedroom units start at $1,603 per month.
Located within Gilbert’s central business district, Liv Crossroads is approximately two miles from the 250-acre mixed-use Rivulon development, where office tenants include Morgan Stanley, Deloitte, Merill Lynch, Amerifirst Financial and the headquarters of Isagenix International. The property is also adjacent to the Chandler Airpark area. Gilbert and Chandler are together home to companies including Honeywell, Intel, PayPal, Amazon, Wells Fargo, Dignity Health and Northrop Grumman.
Steve Gebing and Cliff David of IPA represented the seller, Liv Communities. The buyer was not disclosed.
“The property offers a unified culture built around a lifestyle that encourages connectivity, responsibility and overall wellness,” says Gebing, who is executive managing director of IPA.
“These distinctive characteristics are interwoven into the fabric of the community, as evidenced by the purposeful material choices, thoughtful living spaces, and highly amenitized common areas that create a home for affluent professionals who seek an active, suburban lifestyle. Demographics within one mile of the property include average and median annual household income of $156,300 and $117,400, respectively.”
— Hayden Spiess