TEMPE, ARIZONA ‒ Liv Communities is holding ribbon-cutting ceremonies for multifamily communities this month in the now vibrant and once overlooked North Phoenix and West Valley submarkets. The assets represent a capital investment of $101 million.
Liv North Valley, 31113 N. North Valley Parkway in Phoenix and Liv Goodyear, 15361 W. Virginia Ave. in Goodyear, are the seventh and eighth Liv communities completed in Arizona and Michigan. Six of those communities are in Arizona. Liv also owns and manages three senior living communities, LivGenerations, and manages another senior living community.
Liv North Valley features 385 units covering 490,000-square-feet and is valued at $56 million. MT Builders was the general contractor and Whitneybell Perry was the architect of record. The Liv North Valley ribbon cutting is Oct. 23.
Liv Goodyear comprises 326 units covering 400,000-square-feet and is valued at $45 million. Clark Wayland was the GC and Whitneybell Perry was the architect of record. The Liv Goodyear ribbon cutting is Oct. 24.
“Liv Communities creates beautiful settings and thoughtful amenities designed to help our residents live fuller lives,” said Heidi Arave, Vice President, Liv Multifamily. “We value what our customers value: wellness, great relationships with others, living responsibly, and having the conveniences and technology at hand to allow time for what matters most.”
Liv North Valley and Liv Goodyear are luxury apartments in two- and three-story buildings. Each community maintains an on-site leasing office, The Hub (a high-tech clubhouse), and amenities including VimTrim (on-site personal training), indoor and outdoor community entertainment and recreation, saltwater heated pool and spa, and walking paths.
Each apartment features private balconies and 9-foot ceilings. Each is furnished with a premium appliance package, full-size washer and dryer, walk-in closets, ceiling fans, custom cabinets, and slab granite kitchen counters.
They also feature a community garden, bark park, and sand volleyball court. They are both smoke-free communities. Liv North Valley offers residents a playground.
According to CoStar, the North Phoenix and West Valley submarkets have more in common than outsized rent growth. A major draw for renters in these submarkets is affordability. CoStar also reports that multifamily developers are “targeting overlooked multifamily submarkets outside of the Metro Phoenix core.
The report concludes that the “lack of new supply in peripheral submarkets will likely sustain their robust apartment fundamentals and vacancies near all-time lows.”