Rockefeller Group and IPA to Develop Two New Class A Apartment Communities Totaling 711 Units in Arizona
Rockefeller Group and Investment Property Associates, LLC (IPA) will develop two new “Liv”-branded Class A apartment communities in the metro-Phoenix area. The projects, located in the Deer Valley submarket of Phoenix and in Goodyear, will total 711 units and provide an amenity-rich lifestyle experience that is increasingly in demand as the region continues to benefit from some of the nation’s fastest population growth.
The planned developments follow the success of Liv Northgate in nearby Gilbert, a 402-unit Class A apartment community completed in 2016 by IPA and Rockefeller Group, as well as five additional Liv communities completed by IPA in Arizona and Michigan. Liv North Valley, located in Deer Valley at North Valley Parkway and Sonoran Desert Drive, will be a 385-unit community. In Goodyear, the companies will develop a 326-unit community branded as Liv Goodyear, located at W. Virginia Avenue and Pebble Creek Parkway. Both projects will break ground this month and are scheduled for completion in the third and fourth quarters of 2018, respectively. IPA will manage both projects under their proprietary “Liv” brand.
“We’re excited to be working with IPA to bring the Liv brand to Deer Valley and Goodyear. Our previous project, Liv Northgate in Gilbert, has proven the market’s demand for high quality developments with great amenities that create a real sense of community,” said Mark Singerman, Regional Director of Rockefeller Group’s Arizona office. “IPA has created a brand synonymous with best-in-class physical product that are also great places to live. We look forward to partnering with them on these and future developments.”
According to Singerman, the two companies have long wanted to enter into the Northeast and Southwest Valley markets as the multifamily market has recovered from 2010-2014 lows, and the region continues to benefit from some of the nation’s fastest population growth, according to statistics from the U.S. Census Bureau.
“Since we first started working together in 2012, Rockefeller Group and IPA have had a wonderful working relationship and have built a very successful community in Gilbert, Liv Northgate. It is only natural that we continue to work together,” remarked Bill Fettis, Partner of IPA and co-founder of IPA Management. “While we owned the land in North Valley and brought Rockefeller Group in as a partner, the two companies sought out the land in Goodyear together because we knew that there was a need for high quality residential in the Southwest Valley.”
Both Liv communities will be luxury apartment units in two-and three-story buildings. The properties will each maintain an on-site leasing office, high-tech clubhouse, and extensive recreational amenities, such as a 24-7 health and fitness facility, indoor and outdoor community entertainment and recreation, a pool and walking paths. Each apartment will feature nine-foot ceilings, private balconies and storage areas, and will be finished with a premium appliance package, custom cabinets, slab granite kitchen counters, full-size washer and dryer, walk-in closets and ceiling fans.
Rockefeller Group has significantly expanded its residential portfolio of completed projects spanning multifamily apartments and luxury condominiums in select U.S. markets. In addition to its activity in Arizona, the company recently completed Phase 1 of Flushing Commons in New York City and Amaray Las Olas in Fort Lauderdale. Including the two new LIV projects, the company’s residential development pipeline totals more than 1,800 units.
Rockefeller Group and IPA were represented by Chaz Smith and John Finnegan of Colliers in Phoenix on the Goodyear land acquisition.