PHOENIX, AZ – Praedium Group, a New York-based national real estate investment firm, announced the acquisition of Liv North Valley in Phoenix, AZ, which is currently being renamed Nova North Valley. Peter Calatozzo, Principal of Praedium Group, announced the latest acquisition of the investment firm.
Built in 2019, Liv North Valley is a 385-unit, multi-family community in the North Valley of Arizona, a growing submarket in Phoenix that continues to grow due to its proximity to job opportunities, major highways, retail opportunities, and world-class schools. The area where Liv North Valley is located is expected to continue growing, and the Greater Phoenix MSA has been recognized by the US Census Bureau as one of the fastest growing metropolitan areas in the country. between 2010 and 2019 the average growth was 2.8% year-on-year, almost double the national average of 1.6% over the same period.
Liv North Valley is a convenience-rich, pet-friendly community that offers an exceptional living experience with convenient access to Interstate 17 and the Loop 101 Pima Freeway. The Liv North Valley also features contemporary finishes, luxurious living spaces, and market-leading amenities that reflect a focus on technology, sustainability, wellness, and community. Homes in Liv North Valley have high-quality interiors, including modern gourmet kitchens with GE Energy Star appliances, granite countertops, pendant lights, and wooden floorboards.
Although Liv North Valley was developed before the global pandemic, it also contains many design features that architects and developers care about today to promote social distancing and enable healthy living. The property has numerous outdoor amenities, including fitness stations, a communal garden, a sports field, a sand volleyball court, a playground, a bark park, a barbecue and lounge area, a saltwater heated pool and spa, a spacious clubhouse and fitness room, and other relaxation areas .
"The North Valley sub-market continues to attract significant investment from public and private parties and we have confidence in the region's continued growth prospects," said Calatozzo. "Major infrastructure improvements such as the Loop 303 project and the expansion of the I-17 lanes are being made to support the growing population in the area and improve connectivity throughout the Greater Phoenix MSA. Private companies have made their commitment to the region through multiple offices demonstrated expansion or relocation. The submarket continues to attract residents with its abundance of retail and dining options in Norterra's stores and access to one of the best school districts in Phoenix. The acquisition of Liv North Valley continues our strategy of to acquire high-quality apartments in growth markets. "
Josh Kogel, Vice President of Praedium Group, added: "The property also benefits from a diverse base of job drivers and employers, including USAA – the largest employer in the region which will have 5,500 employees upon completion of its campus, Farmers Insurance Group, Discover Financial Services and Honeywell to name a few. "