Caliber to Begin Construction on New Housing Development in Ahwatukee, Arizona
Hotel conversion and property expansion to bring 104 new apartments and 88 townhouse-style units to prime

Caliber begins hotel conversion and property expansion to bring 104 new apartments and 88 townhouse-style units to prime
Demand for housing rental options across the metro
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
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.
The SP10 project is part of a Caliber-sponsored single asset syndication, which is continuing to accept new investors.
With panoramic views of South Mountain Park, the 104 apartments will include 23 studio, 80 one-bedroom and one two-bedroom units. Each apartment will have a full kitchen and washer/dryer units. The ground floor will feature Class A amenities with a focus on co-working space and club amenities designed for work-from-home residents. The 88 low-density townhome-style units surrounding the tower will average just over 1,200 square feet in size and some will include direct access to a garage.
Caliber expects to begin construction on the tower phase of this complex in the fall.
Editors Note: Additional renderings are available upon request.
About Caliber (CaliberCos Inc.) (NASDAQ: CWD)
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Caliber:
Victoria Rotondo
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Victoria.Rotondo@caliberco.com
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Source: Caliber