CaliberCos Inc., a sponsor of non-traded alternative investments, has broken ground on Jordan Lofts, a 48-unit Class A multifamily property in Downtown Bryan, Texas that will include 6,500 square feet of retail space. This project is Caliber’s first investment in Texas.
Caliber is co-developing the project with BCS Modern, a real estate development firm that has completed several projects in Bryan and contributed the half-acre lot where the complex will be built. The project is located at 22nd and Main Streets in Downtown Bryan, which is part of a designated opportunity zone. Each of the 48 residential units will include 12-foot ceilings and a lofted bedroom, and rents will be lower than at other complexes in the market area, Caliber said.
“We are very pleased that our first investment in Texas is part of our opportunity zone fund,” said Roy Bade, chief development officer for Caliber. “With the Jordan Lofts project, we are transforming empty lots into a multi-use complex that will provide affordable housing and attract additional economic development to the rapidly growing area. As Downtown Bryan and the broader Bryan-College Station metropolitan area continue to grow, we expect demand for housing to escalate as well.”
Caliber said that the Bryan-College Station area is experiencing “significant growth,” and more investment is expected as construction continues on a high-speed railway connecting Houston and Dallas with Bryan set to be the only stop. By 2029, that railway is expected to carry six million riders annually. Occupancy in the Bryan’s multifamily rental market has been hovering near 100 percent over the past several years.
In other company news, Caliber recently sold GC Square Apartments, a 165-unit multifamily community in Phoenix, Arizona, for approximately $31 million.
Caliber is a middle-market alternative asset manager and fund sponsor with approximately $2 billion in assets under management and development. The Company sponsors private funds, private syndications, as well as externally managed real estate investment trusts. It conducts substantially all business through CaliberCos, which provides services such as capital formation and management, real estate development, construction management, acquisitions and sales.