The Praedium Group Acquires The Livano Deer Valley in Phoenix, AZ; Rebrands as Bask Deer Valley

June 10, 2024

post image

New York, NY – June 10, 2024 – The Praedium Group (Praedium), a real estate investment firm, today announced the acquisition of The Livano Deer Valley, which is in the process of being rebranded as Bask Deer Valley. Lindsay Schuckman, Director at Praedium, announced the transaction.


Constructed in 2023, Bask Deer Valley is a 242-unit suburban multifamily community in North Phoenix. The property features three, three-story garden-style apartment buildings and one amenity building, all surrounded by scenic mountain views. Units boast attractive unit finishes such as granite countertops, stainless steel appliances, walk-in closets, dual bathroom vanities, and private patios or balconies. The community offers extensive amenities including a clubhouse, fitness center, resort-style pool and spa, and a dog park. Outdoor grills, firepits, and recreational games are additionally dispersed throughout the property.


Bask Deer Valley is conveniently located along I-17, a major north-south artery in Phoenix, and is just 10 minutes south of the new $65 billion, 1,100-acre Taiwan Semiconductor Manufacturing Company (TSMC) campus. Currently under construction, this campus will eventually feature several semiconductor fabrication facilities, with the first expected to be completed in the first half of 2025.


“This $65 billion investment is expected to create 6,000 direct jobs, 20,000 construction jobs, and tens of thousands of indirect jobs,” said Mrs. Schuckman. “The property’s strategic location along I-17 positions it to capitalize on the region’s growth as TSMC transforms the corridor into a high-tech manufacturing hub. We believe we are acquiring this asset in a dynamic growth submarket at a discount to estimated replacement cost.”


TSMC’s development is just a portion of the planned 3,500-acre Sonoran Oasis Science & Technology Park. This project is inspired by the renowned Hsinchu Science Park in Taiwan and aims to create a hub for advanced manufacturing. In response to these developments, I-17 is undergoing $450 million in infrastructure improvements to support this growth, with construction expected to be completed in 2025.


Further, the property is located in the Deer Valley and I-17 Employment Corridors which collectively represent one of the largest concentrations of professionals in Arizona with approximately 104,000 employees. Many Fortune 500 companies have campuses nearby including Wells Fargo, Farmers Insurance, Honeywell and USAA. USAA, home to 5,500 jobs, is just 1.5 miles from the property.


The property also sits across the street from new lifestyle amenities, including a Fry’s Center and various fast-casual dining options. It is surrounded by approximately 1.8 million square feet of retail space within a three-mile radius, led by The Shops at Norterra and Happy Valley Towne Center, both less than a five-minute drive away.