Scottsdale, AZ – Caliber – The Wealth Development Company today announced the $14.05 million ($37,567 per unit) 374-unit acquisition 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 25^th Ave and Colter, while the 120-unit Twins Palms is located on 27^th and Campbell. The 130-unit Palms Shadow lies on 14^th St. and Thomas, 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.

Caliber assists investors in building their wealth through both equity and debt real estate based investments, either through individual assets, or through private funds. Caliber is focused upon opportunistically acquiring various types of commercial assets, with in place cash flow, and maintaining low leverage on them. Through its proven renovation and management expertise, Caliber is able to increase revenue, maximize tax benefits, all the while protecting investor capital. Caliber currently invests in Hotels, Self-Storage, Apartment Communities, Single Family Residential Properties, and Office Buildings. Caliber is a fully, vertically integrated, full service real estate investment firm controlling all aspects of the investment cycle. Services include acquisitions, construction, development and property and asset management. For more information, visit www.CaliberCo.com.

PHOENIX, AZ — Green Street Communities, Inc., a Phoenix-based residential design/build developer since 2012, has purchased approximately 2.6 acres of R-6 zoned land at the eastern perimeter of the Church for the Nations, 6225 N. Central Ave. in Phoenix.

NAI Horizon Associate Kim Kristoff represented Green Street Communities in the $1.298 million ($11.46 PSF) sale.

The eastern portion of the church property, deemed to be excess to the church needs, is located at the NE Corner of N. 3^rd Street and E. Rose Lane, a community of mostly single family homes. Green Street Communities intends to partner with a local builder or itself build upscale, single-family detached residential units on the eight proposed lots. Estimated completion for the residences in late 2018.

Green Street has been developing custom, fashionable, and primarily contemporary designed communities in north central Phoenix, Scottsdale, Arcadia, and other area neighborhoods. This includes infill projects that offer contemporary plans, interior fittings, and upscale appliances.

PHOENIX, AZ – Investors looking to diversify their portfolios, hedge against risk and secure higher yield are turning toward the net lease sector. As an industrial hub and burgeoning retail powerhouse, the Southwest is offering investors a wealth of net lease opportunities. In response, JLL’s Capital Markets today announced Peter Bauman and Tivon Moffitt have joined the firm as Senior Vice Presidents. Bauman and Moffitt will lead the firm’s net lease investment sales practice in Phoenix and report to Senior Managing Director and head of Phoenix’s investment sales platform Dennis Desmond and Managing Director and head of the Net Lease Property Group Thomas Beneville.

“As investors explore more conservative strategies, the security that net leased assets provide is becoming increasingly appealing,” said Beneville. “To best serve our clients, it is imperative that we continue expanding our net lease services to growing markets such as Phoenix.”

Added Desmond, “Peter and Tivon bring an impressive amount of experience to the Phoenix investment sales platform. Their ability to work proficiently across all asset classes allows the firm to service our clients more broadly in this burgeoning market.”

Bauman and Moffitt hold a combined 15 years of commercial real estate experience in tenant representation and investment sales join JLL from a leading international commercial real estate firm where they were directly involved with more than $400 million in sales volume since 2012. They are also joined by John Paul Mulhern, Associate.

Moffitt earned a bachelor’s degree from the University of Pennsylvania while Bauman earned his bachelor’s degree from Humboldt State University.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2015 alone, JLL Capital Markets completed $140 billion in investment sale and debt and equity transactions globally. The firm’s Capital Markets team comprises more than 2,000 specialists, operating all over the globe.

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