Caliber acquires The Palms multifamily portfolio in Phoenix
Caliber – The Wealth Development Company acquired a $14.05 million, 374-unit portfolio consisting of three multifamily properties, in Phoenix, Arizona.
The Palms Weekly Portfolio, including the Siesta Palms, Palm Shadows and Twin Palms communities, have been successfully operated for 20 years as long- and short-term furnished rental units.
According to Chris Loeffler, CEO and co-founder of Caliber, “It’s not often that a group of three quality assets, managed profitably for decades comes available in an off-market transaction, with great in-place management. With demand on the rise in these neighborhoods, especially near Grand Canyon University (GCU), when one considers the excellent condition, cash flow, location and purchase price of the Palms apartment portfolio, it may be one of the finest multifamily assets Caliber has ever acquired for our investors.
Built in the 1970’s, all three communities are well maintained and are gated with swimming pools, BBQ areas and laundry facilities. Requiring only minor property improvements for value-add potential, two of the properties are located within direct proximity to the ever-expanding Grand Canyon University.
The 124-unit Siesta Palms is located next to campus on 25th Avenue and Colter Street, while the 120-unit Twins Palms is located on 27th and Campbell Avenues. The 130-unit Palms Shadow lies on 14th Street and Thomas Road, directly across the street from a current Caliber apartment community, Uptown Square, and within the upscale mid-town neighborhood near the Phoenix Country Club.
Caliber will continue the furnished accommodations rental model and monitor market demands in the surrounding areas for conversions especially with expansion and demand for student housing near GCU.
Caliber’s ongoing growth and acquisitions like the Palms Portfolio has resulted in local and national recognition including Inc. 500/5000 Fastest Growing Private Companies, Greater Phoenix Chamber of Commerce Economic Driver IMPACT Award and Better Business Bureau’s Torch Award for Ethics.