CaliberCos Inc., a sponsor of non-traded alternative investments, has sold GC Square Apartments, a 165-unit multifamily community in Phoenix, Arizona for approximately $31 million.
Caliber originally purchased the property for $6.5 million in October 2015. Originally designed as Class C workforce apartments located adjacent to Grand Canyon University, the property was redeveloped by Caliber into a Class A community, converting the tenant demographic from low-income housing to market-rate apartments, the company said.
Jennifer Schrader, president, chief operations officer, and co-founder, said that the company continues “to see outsized growth across Maricopa County with particularly strong demand in the Phoenix-Mesa-Chandler metropolitan area.”
Following its purchase of this facility, Caliber completed a $7 million renovation of the 46-year-old complex. The company said that a “full renovation down to the studs” was completed on all units, including vinyl plank flooring, quartz counters, cabinets, individual HVAC units, and new kitchen and bathrooms. The pool and spa were replaced and expanded, and common area additions and upgrades were made to the property.
Additional new features included a remodeled clubhouse with exercise area, shade structures, barbecues, fire pits, hammocks, game center Wi-Fi system and a new security system. The laundry facility was also upgraded and a dog wash station added, among other renovations, which were completed in April 2018.
Caliber said that the property was leased and has maintained stabilized occupancy since 2019.
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.