Caliber finalized funding for the first phase of the Company’s SP10 project in the Ahwatukee Foothills neighborhood in South Phoenix.
The SP10 project will begin with the conversion of an existing 160-room hotel to 104 apartment units with Class-A amenities. This will be followed by the construction of 44 low-density townhouse units in the back of the tower complex and 40 similar units on acreage recently acquired by Caliber in front of the tower. The entire complex of single-family rentals (SFR) will share access to a full suite of amenities designed to appeal to young professionals and families, work-from-home professionals, and corporate housing.
Chris Loeffler, CEO of Caliber, said, “Funding this project initiates the turnaround of a hotel asset we acquired in 2018 that was negatively impacted by the pandemic. Through the combination of investor equity and a new construction loan, we have fully capitalized the first phase of this built-for-purpose housing complex that will meet the growing housing needs of this vibrant community.”
“Our team continues to see a growing number of distressed or abandoned assets across the marketplace. In this case, we developed and are executing our own solution to an underperforming asset that we expect to provide a long-term, attractive return for our investors and partners,” Loeffler concluded.
Located at the southwest corner of East Elliot and 51st Street, Caliber’s new housing complex is ideally situated adjacent to the I-10 Highway, providing convenient access to the new $20 billion Intel semiconductor plant expansion in Chandler as well as neighboring Tempe, Mesa and the Central Phoenix business district. Less than four miles from Sky Harbor Airport, the location will also appeal to frequent business travelers. Ahwatukee was rated number one in Niche’s “Best places to live in Phoenix.” The area boasts close access to numerous hiking and biking trails, along with multiple parks catering to the outdoors lifestyle.
Caliber Cos Inc. (NASDAQ: CWD) has more than $2.9 billion of managed assets, including estimated costs to complete assets under development, Caliber’s 15-year track record of managing and developing real estate is built on a singular goal: make money in all market conditions. Our growth is fueled by our performance and our competitive advantage: we invest in projects, strategies, and geographies that global real estate institutions do not. Integral to our competitive advantage is our in-house shared services group, which offers Caliber greater control over our real estate and visibility to future investment opportunities. There are multiple ways to participate in Caliber’s success: you can invest in Nasdaq-listed CaliberCos Inc. and/or you can invest directly in our Private Funds.
