Liv Communities Pockets $145M for Scottsdale Property

Liv North Scottsdale. Image courtesy of Institutional Property Advisors JB Partners has acquired Liv North…

Liv North Scottsdale. Image courtesy of Institutional Property Advisors

JB Partners has acquired Liv North Scottsdale, a 240-unit community in Scottsdale, Ariz., for $145 million or $604,167 per unit. Marcus & Millichap division Institutional Property Advisors represented the seller, Liv Communities, and also procured the buyer. Public records show that Heitman Capital Management provided $87.3 million in acquisition financing.

Completed in 2014 and currently known as The Hadley North Scottsdale, the community comprises four buildings with one-, two- and three-bedroom apartments, averaging 1,002 square feet, with in-unit washers and dryers, and private patios or balconies. Community amenities include a heated swimming pool, private cabanas, a rooftop patio with a firepit and rentable storage units.

Located at 15509 N. Scottsdale Road, the community is within half a mile of Kierland Commons and Scottsdale Quarter, providing quick access to a variety of retail, dining and entertainment options. The Scottsdale Airport is a mile away from the community.

Executive Managing Directors Steve Gebing and Cliff David of IPA worked on the transaction. At the end of last month, they also represented JB Partners in a $201.8 million three-property portfolio sale. Two of the properties are also located in the Phoenix metro area, while the other one is in Albuquerque, N.M.

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