The real estate investor, developer and manager Caliber (NASDAQ: CWD) announced the completion of funding for the first phase of a single-family rental housing complex in the Ahwatukee Foothills neighborhood in South Phoenix.
The new complex is part of a Caliber-sponsored single asset syndication, which is continuing to accept new investors. Construction on the new complex is slated to begin this fall.
According to the company, the 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 behind the complex and 40 similar units on acreage in front of the complex.
“Funding this project initiates the turnaround of a hotel asset we acquired in 2018 that was negatively impacted by the pandemic,” said Chris Loeffler, CEO of Caliber. “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.
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