PHOENIX—The Palms Weekly Portfolio of 374 units consisting of the Siesta Palms, Palm Shadows and Twin Palms communities have been successfully operated for 20 years as long- and short-term furnished rental units. The three multifamily properties have recently been acquired for $14 million, according to Caliber.
Caliber will continue the furnished accommodations rental model. In addition, it will monitor market demands in the surrounding areas for conversions, especially with expansion and demand for student housing near the university.
“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,” says Chris Loeffler, CEO and co-founder of Caliber. “With demand on the rise in these neighborhoods, especially near Grand Canyon University, 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 1970s, all three communities are well maintained and gated with swimming pools, barbecue 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 Ave and Colter, while the 120-unit Twins Palms is located on 27th and Campbell. The 130-unit Palms Shadow lies on 14th Street 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.
“The upside potential to add value and capture the positive market trends driven by the growth of Grand Canyon University is compelling,” Loeffler tells GlobeSt.com. “We are actively seeking additional opportunities to transform assets nearby.”
Steady gains in the US economy have resulted in net positives for the multifamily sector—will this wave continue for the foreseeable future? What's driving development and capital flows? Join us at RealShare Apartments on October 19 & 20 for impactful information from the leaders in the National multifamily space. Learn more.
PHOENIX—The Palms Weekly Portfolio of 374 units consisting of the Siesta Palms, Palm Shadows and Twin Palms communities have been successfully operated for 20 years as long- and short-term furnished rental units. The three multifamily properties have recently been acquired for $14 million, according to Caliber.
Caliber will continue the furnished accommodations rental model. In addition, it will monitor market demands in the surrounding areas for conversions, especially with expansion and demand for student housing near the university.
“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,” says Chris Loeffler, CEO and co-founder of Caliber. “With demand on the rise in these neighborhoods, especially near Grand Canyon University, 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 1970s, all three communities are well maintained and gated with swimming pools, barbecue 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 Ave and Colter, while the 120-unit Twins Palms is located on 27th and Campbell. The 130-unit Palms Shadow lies on 14th Street 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.
“The upside potential to add value and capture the positive market trends driven by the growth of Grand Canyon University is compelling,” Loeffler tells GlobeSt.com. “We are actively seeking additional opportunities to transform assets nearby.”
Steady gains in the US economy have resulted in net positives for the multifamily sector—will this wave continue for the foreseeable future? What's driving development and capital flows? Join us at RealShare Apartments on October 19 & 20 for impactful information from the leaders in the National multifamily space. Learn more.
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