Caliber Assets

About The Holiday Inn Suites

The Holiday Inn & Suites is situated in the prime Phoenix Sky-Harbor Airport area. The 228-key hotel was built in 1981 and underwent renovations in 2011 prior to Caliber purchasing the asset. The property is 141,750 square feet, with 12,000 square feet of meeting space – a key feature for Caliber hotel acquisitions. Caliber acquired the asset in June of 2015 and has since completed property improvements such as new roof tiles, exterior paint, improved corridor lighting, updated flooring and wallpaper throughout the lobby and bar area, and the completion of the IHG branded “Burger Theory” occupying the hotels large restaurant space. Additionally, there are final plans for a complete redesign and renovation of the hotel’s 18 executive room suites. Under Caliber’s direction and partnership with HMC Hospitality, the Holiday Inn & Suites continues to improve in all measurable areas of performance, from revenue and net operating income numbers, to customer satisfaction scores. This asset, along with the Crowne Plaza and the Hilton Phoenix Airport, is currently being placed in to a combined “Phoenix Airport Hotel Portfolio” aimed at achieving better financing terms.

About Hilton Tucson East

The 232-guest room hotel is situated on a large parcel (+/- 6.36 acres) between Downtown Tucson and Saguaro National Park. The hotel benefits from its premier location along one of the city’s most traveled throughways – Broadway Boulevard. With limited room supply in the eastern Tucson market, and some natural barriers to entry, the hotel has been able to capitalize on the demand generated in the local market. The Hilton Tucson East, which was completed in 1987 and renovated in 2009, consists of an outdoor terrace with food and beverage services, outdoor pool and spa, a full restaurant, business center, fitness center, and +/- 12,000 Square Feet of meeting and event space. Although renovated in 2009, Caliber initiated a $11,300,000 Property Improvement Plan (PIP) upon acquisition of the asset in 2016 to secure another 10-year agreement with the Hilton brand. The PIP was completed in December 2017 and included all new room furnishings, a new outdoor terrace with food and beverage services, refurbished outdoor pool and spa, complete redesign and renovation of the restaurant, lobby, and bar, updated business center, fitness center, and board rooms, and the modernization of the properties ample meeting and event space. With the recent completion of renovations and all sites reopening for the season, Caliber and HMC plan for a strong performance for the upcoming year with hotel profit estimated to increase $1,000,000 Year over Year.

About Hampton Inn & Suites Scottsdale Riverwalk

Caliber’s second hospitality acquisition, the Hampton Inn & Suites Scottsdale Riverwalk, is a 101-guest room hotel acquired by Caliber in November of 2014 for $10,425,000. The Hampton Inn & Suites has been a consistent income producing asset since Caliber-HMC acquired and took over management of the hotel. Part of the hotels success is the unbeatable location in the North Scottsdale Entertainment District where the hotel sits adjacent to Talking Stick Resort Casino, Top Golf, OdySea Aquarium, Butterfly Wonderland, and Salt River Fields – the Spring training home of both the Arizona Diamondbacks and the Colorado Rockies. In the year prior to Caliber’s acquisition, the property produced a net operating income of $850,000, at year end of 2017 net operating income of the asset was up to $910,619, a 22.4% margin. Our superior management of the property is illustrated by its strong financial performance and ability to maintain above average occupancy.

About Crowne Plaza Phoenix Airport

The Crowne Plaza Hotel was the first hospitality acquisition by Caliber, acquired in the fourth quarter of 2012 for $5,500,000. In what is arguably one of the best hotel locations in the entire submarket, the Crowne Plaza is situated at the North Sky Harbor airport entrance, directly across from both the 44th Street light rail and the Phoenix Sky Harbor SkyTrain. Due to its prime location, the hotel maintains superior exposure to lodging demand generated by Sky Harbor International Airport, the nation’s 9th busiest airport. In addition to the irreplaceable airport location, Caliber saw tremendous upside opportunity for substantial revenue potential through much need renovations, improved management and a more effective sales and marketing effort that the hotel previously lacked. To transform the hotel into a top performer in the market, Caliber completed a full $18 million renovation and sought the expertise of Heavlin Management Company to run the hotel. Between the renovation, improved management, and implementation of a focused sales and marketing effort, Caliber and HMC have completely turned the hotel around, ranking top 20 in quality scores out of 212 Crowne Plazas worldwide. The asset continues to thrive, boasting an impressive 2017 year with room profits up $47k to 2016 at 75.3% with +11k YOY in top line revenue. This asset, along with the Holiday Inn Phoenix Airport and the Hilton Phoenix Airport, is currently being placed in to a combined “Phoenix Airport Hotel Portfolio” aimed at achieving better financing terms and a higher “institutional-level” sales price.

About Hilton Phoenix Airport

Acquired in November of 2016 for $34.5 million, the 259 guestroom Hilton Phoenix Airport Hotel is the submarket leader in both average daily rate and occupancy. Prior to Caliber’s acquisition, the asset received a full $8 million renovation, thereby requiring only the completion of a modest change of ownership property improvement plan (PIP) which Caliber is currently in the process of completing. Several upgrades have been completed, including renovation of the hotel parking lot, retiling of ground floor bathrooms, electrical and roof work, and replacements of peep holes, key and handle systems, and faucets. The rest of the renovations have been approved by the Hilton brand and are ongoing, including an upcoming renovation of the hotel restaurant and courtyard starting in the 3rd quarter of 2018. Under the helm of Caliber-HMC, the property has reduced annual expenses by over 20% and substantially increased its annualized net operating income from $3.5M to $4.4M in one year. The Hilton Phoenix Airport, which is in the top 10% of quality scores for the Hilton brand worldwide, is currently significantly over the competitive set in average daily rate and continues to drive rate midweek with 81 corporate negotiated accounts. Learn more about the opportunity to invest in the Hilton Phoenix Airport Hotel here.

About Salmon Falls Resort

The 52 guest-room hotel, Salmon Falls Resort, was acquired by Caliber in October of 2015 and is located 19 miles from Ketchikan, Alaska, the Salmon capital of the world. The property includes a Marina with 10 fishing boats and 28 skiffs. Since acquiring the property, Caliber has completed numerous property enhancements including relocation of the office and check in area to overlook the bay and a new observation and relaxation deck in the center of the property, which also surrounds the restaurant and has breathtaking views of the Salmon Falls. In addition, the restaurant, bar, kitchen, dock, water treatment plant, and bunkhouse have also seen substantial improvements, with additional renovations planned to finish elevating the property to a high-end finish. Under Caliber-HMC’s management, the hotel has maintained its place as #1 Best Value of 14 properties on TripAdvisor under the specialty lodging category. This property is locally recognized as one of the best, if not the best, fishing resorts in Southern Alaska.

About Holiday Inn Ocotillo

Caliber’s most recent acquisition, the Holiday Inn Ocotillo, is a 106 guest-room hotel situated in the upscale neighborhood of Ocotillo in Chandler, AZ. This up and coming area is also home to numerous high-tech employers such as Intel, Orbital ATK, and Microchip. With limited room availability in the area and some natural barriers to entry, the hotel will be able to capitalize on the high average occupancy which was under-utilized by previous management. Built in 2005 and renovated in 2015, the Holiday Inn Ocotillo also benefits from its above brand level interior and exterior finishes, outdoor pool and spa, full restaurant, business center, fitness center, and +/- 7800 square feet of meeting and event space. Caliber and HMC plan for a strong performance of the upcoming year with the completion of recent renovations leading to the reopening of 36 previously out of service rooms, improved management, and the regeneration of local group business lost by previous management prior to Caliber’s acquisition. Learn more about the opportunity to invest in the Holiday Inn Ocotillo here.

About Four Points by Sheraton Phoenix South Mountain

A recent addition to Caliber’s hospitality portfolio, the Four Points by Sheraton Phoenix South Mountain was acquired in June of 2018 for $16,000,000 after originally reviewing acquisition for $18,000,000 in 2016. The hotel underwent a brand mandated full renovation in 2014, however while still maintaining profitability the hotel was significantly under-performing due to subpar management. After acquiring the property Caliber positioned long time partners, HMC Hospitality, to take over management of the asset. In a short time, Caliber-HMC have successfully improved the hotels performance through a comprehensive group sales plan and greater flag support from the recent Marriott/Starwood merger. To further improve performance Caliber plans to complete a $350,000 Starwood/Marriott mandated Performance Improvement Plan consisting of minor cosmetic projects and renovations. In addition to the PIP Caliber plans to further maximize the properties potential by implementing a comprehensive food and beverage improvement program, completing a 10-guest room expansion, and re-establishing the hotel to its former family/neighborhood friendly entertainment zone capable of supporting parties, weddings, and weekend outings. Learn more about the opportunity to invest in the Four Points by Sheraton here.

About Edgewater Inn

The 46 guest-room hotel is located just 2 miles from the center of Ketchikan, Alaska and includes a restaurant, cocktail lounge, and an impressive 40 boat Marina. The Edgewater property was in excellent condition when originally acquired and only minor improvements to the property have been needed thus far. Caliber has made improvements to the property to assist with marketing, management, and overall customer experience including a new website, improved WIFI, key card entry systems, roofing repairs, and more. Additional renovation plans include several major improvements and shifts in the property layout. Since acquisition, the asset has been professionally managed by Chandler-based Heavlin Management Company, and has added the Clarion Hotels affiliated reservation system, providing the power of a national branded reservation system to the property. Having a national brand allows the Edgewater Inn to attract coveted government and corporate business that is normally restricted from staying at nonbranded hotels.

About Treehouse Apartments

This 167-unit property was acquired by Caliber in April of 2014 for only $4.8 million, roughly 70% below its replacement cost. With a renovation budget of $7,000,000, Caliber converted the property from a Class C Workforce property to a Class A property, attracting students with its convenient location close to the University of Arizona, Raytheon Employees, and service members with Davis-Monthan Air Force Base a short distance from the property. Renovations were completed in July of 2016 and included new cabinets and countertops, addition of in unit washers and dryers, and improvements to community amenities such as a pool with fire features and bbq, and a clubhouse complete with Flat Screen TV’s, Pool Table, and full kitchen. Caliber turned over management of the property to 3rd party management company, MEB Management in Q1 of 2018 and has since seen significant improvements including a +$350/month rent increase, and current occupancy at 92%.

About Palms Apartments

The 375-unit Palms Apartment Portfolio is comprised of three separate apartment complexes, all specializing in the rental of fully furnished studio and one-bedroom apartments on a weekly, monthly, and annual basis. Acquired in the Summer of 2016 for roughly 53% less than apartments in their same comp set, the assets have seen steady financial improvement under the direction of Caliber Property Management. A $426,000 renovation was completed across the three properties with improvements such as parking lot repair and new GFCI’s and carbon detectors. At the Central Phoenix property (13th St. and Thomas), a new pool, roof, and security gate were installed. The assets are strategically located, and each provide multiple exit strategies and potential for a future asset redevelopment.

About Uptown Square Apartments

This 26-unit, 22,822 SF, apartment community nestled in the Centralized “Uptown” Phoenix area was acquired by Caliber in 2012. The property underwent a complete renovation in 2014, including upgraded granite counter tops, high end finishes, interior and exterior paint, the addition of washer and dryers in every unit, and more, ultimately transforming it from a Class C work force property, to Class A. After five years, the property was sold on December 8th, 2017 for $3,100,000.

About Scottsdale Commons Apartments

Caliber’s first Multi-Family acquisition, Scottsdale Commons, is a 125-unit apartment complex located on McDowell Road at the 101. The property was purchased at a steep discount after years of neglect by the prior owner. Caliber Development did an extensive remodel on more than half the units. Included in the scope was a complete upgrade of all communal areas, pool, parking structures, building exteriors, porches and a brand-new model. The asset was sold in March of 2015 for $8,600,000.

About GC Square Apartments

Caliber acquired the 164-unit apartment community formerly known as Copper Sky Apartments in Phoenix, Arizona in September of 2015. The community was purchased with plans to transition the property from Class C “Workforce” apartments to Class A Student Housing due to the property being located directly adjacent to Grand Canyon University. Caliber vacated the property by 100% to complete a $6,800,000 renovation including new exterior paint, parking lot reconstruction, new roof, signage, security fencing, and HVA system. In addition, the leasing office, amenities, and all units have been completely transformed into modern, trendy options for students attending Grand Canyon University – one of the fastest growing Christian Universities in the country. Caliber partnered with MEB Management in Q1 of 2018 and has gained significant traction with lease up of the property. The GC Square property has gained a lot of attention as an example of a qualifying Opportunity Zone investment and was recently highlighted as such by Rep. Martha McSally. Learn more about Martha McSally’s visit here.

About Mountain View Square Apartments

The Mountain View Square Apartments are a workforce level community consisting of 70 units in the metro Phoenix area. Since being acquired by Caliber in June of 2013 for $2,100,000 the asset has produced a consistent above market stream of income as well as seen a significant increase in value with minimal renovations. Mid-Year 2017, Caliber transitioned management of the property to outside third-party management firm, C.A.M Properties. Since the transition, there have been notable improvements, including a current occupancy of 99%. The property is currently listed for sale.

About South Mountain Square Apartments

The 117-unit South Mountain Square Apartments were acquired in the first quarter of 2013 between Caliber and an individual investor within Caliber's Long Term Joint Venture program. This property has undergone regular property maintenance and unit upgrades while being managed by Caliber, which has led to high occupancy rates, as well as revenue and net income growth. With a 51% 1-bedroom 1-bath, 49% 2-bedroom 2-bath unit mix, this property is a solid long-term cash flow asset.

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About Bahia 101

This project was the first Class A Office building built in the prestigious Scottsdale Airpark since 2009. This ground-up development was a 2-year, three story office project that started in early 2015 with the last condominium suites sold in January of 2017. This project was initially intended to be a build and lease office development that was converted mid-development into an office building shell marketed as separate condominium suites. While the developer had the option of doing a for-lease speculative office project, after the initial full-building buyer found a cheap sublease and backed out of purchasing this asset, this would have been a risky investment with at least an additional $2.5 million required for tenant improvements and leasing commissions in the build out. The result of this project is a $30,000 profit in addition to a return of our initial $300,000 investment which was received in January 2017.

About Fiest Tech Center Office Complex

The Fiesta Tech Office Complex was built in 1977 and consists of 42,111 Square Feet of corporate office space. The building is flexible and can be utilized for anything from light industrial to office suites. The complex is situated in a high demand location in the Central East Valley approximately 1 mile from the US 60. The complex boasts abundant parking, at 5.5 spaces per 1,000 square feet with covered parking included.

About Automated Storage Casa Grande

The 349-unit self-storage facility is located within the city of Casa Grande, Arizona - a major transportation hub situated equidistantly between Phoenix and Tucson on the I-10 corridor. The property consists of 43,555 square feet of rentable storage with an additional 4,000 square foot commercial building separately leased. This “value-add” opportunity has undergone a complete renovation to include new exterior paint, unit doors, signage, exterior lighting, and 24-7 access via a computerized self-service kiosk. The freestanding leasing office has recently been redesigned as well. Clients may lease units online and have a 24-7 help line at their disposal. With the completion of the recent renovations, the property is now producing strong cash flow.

About Henderson, Nevada Self Storage

The 237 Unit Self-Storage facility is in Henderson, Nevada, an attractive, fast-growing suburb of Las Vegas. The facilities 30,470 square feet of net-rentable storage underwent a complete renovation and modernization. The renovation included a redesigned leasing office, new exterior paint, unit doors, signage, exterior lighting, and 24/7 access via a computerized self-service kiosk. The properties marketing strategy was also entirely revamped to allow clients the option to lease units online and provide a 24/7 help line. The asset produces great cash flow with very little marketing expense or effort.

About Baywood Square Professional Park

This office condominium development has been a solid revenue and income producer for Caliber since its acquisition in April of 2016. The development, completed in 2005, sits on 11.15 acres and consists of 5 office condominiums and 15 office lots. With the sale of several of the buildings and vacant lots over the past couple of years, Caliber has re-captured its initial investment several times over. The asset is scheduled for continued parking improvements and building developments.

About Roosevelt Townhomes

The 33-unit Roosevelt Net-Zero-Energy townhome community, began vertical construction in May of 2018. Located in Downtown Tempe Arizona, adjacent to the progressive urban hotspot of Mill Avenue, the townhomes will showcase 2 bedrooms, 2-1/2 bath floor plans with over 1,800 square feet of living space equipped with the latest in energy efficiency, green initiatives, and home automation. Phase 1 of the project will be comprised of 14 units and is expected to be completed in December of 2018. The Roosevelt, and its “sister development” Eclipse, have both been designed to exceed Leadership in Energy and Environmental Design (LEED®) qualifications, as well as to achieve Energy Star® certification. All units will be equipped with innovative sustainability features including solar panels, LED lighting, hybrid water heaters, Icynene spray foam in all exterior walls and ceilings for insulation and soundproofing, PEX plumbing, High SEER heat pumps, Energy Star Appliances, cool roof technology and more. Home automation technology will explore the areas of virtual assistants, energy management, security, locks, cameras, smoke detectors, electrical control, lighting and outdoor sprinklers. Smartphone applications will help control these aspects while in and out of the home. Caliber believes that this “environmentally sensitive design”, coupled with a heightened awareness of one’s “ecological footprint” by both GenX and Millenial buyers, will give this product a distinct competitive advantage over other comparable condo/townhome properties. Learn more about investing in the Roosevelt here.

About Tucson Convention Center Hotel

The Tucson Convention Center Hotel will be a 150-170 room Hilton brand hotel, located directly adjacent and attached to the entrance of the downtown Tucson Convention Center. Aside from the opportunity to develop a new hotel in such a prime location, the projected financial performance of this asset is further enhanced through both tax abatements and minimal land acquisition costs provided by the City of Tucson. These incentives will result in approximately $4.5 million in savings to the bottom line of this asset. Caliber also has right of first refusal to develop several additional parcels of land adjacent to the convention center as well. Learn more about investing in Tucson Convention Center here.

About Eclipse Townhomes

The Eclipse Townhomes are Caliber’s “vision of the future”, with regards to design, sustainability, and affordability. Offering some of the most advanced environmentally beneficial and technological features currently on the market, this prime South Scottsdale location will offer both luxury and convenience for future residents. All units will be equipped with innovative sustainability features including solar panels, LED lighting, hybrid water heaters, Icynene spray foam in all exterior walls and ceilings for insulation and soundproofing, PEX plumbing, High SEER heat pumps, Energy Star Appliances, cool roof technology and more. Home automation technology will explore the areas of virtual assistants, energy management, security, locks, cameras, smoke detectors, electrical control, lighting and outdoor sprinklers. Smartphone applications will help control these aspects while in and out of the home. This development, with its “communal” circular design, will have average unit sizes of between 1,800 and 2,000 square feet, and is currently under construction with an expected completion date of September 2018. Caliber expects average sales prices to be approximately $275 per square foot. Learn more about investing in the Eclipse here.

About Trails at Saddleback Ranch

This 80-acre mixed-residential development was acquired by Caliber in December of 2015 for $700,000. Located in the town of Wickenburg, (just Northwest of Phoenix), this area is at the center of the trading area for the Hassayampa Valley Region in the foothills of the scenic Bradshaw Mountains. With a diversified economy based primarily upon tourism, second home residents, behavioral health, medical facilities, and retirees, quality housing in Wickenburg is in short supply. Over the next several years Caliber proposes to build out several types of housing in order to accommodate the various needs of the residents of the area. These include condominiums, 4 plexes and single-family homes. The first phase of the project will be comprised of 42 condominiums and will begin construction in 2019.

About Villages at Johnstown

Originally identified by the Caliber acquisition team in 2015 at a price of $15 million, this asset came back to Caliber in an “off-market” transaction in June of 2017 at the deeply discounted price of $3 million, (plus $2 million for “project critical” water rights). The Villages at Johnstown consists of 256 acres of Prime Commercially and Residentially zoned mixed-use land located in Johnstown. The land is currently zoned for 111 acres Residential, 100 acres Commercial, 30 acres Industrial, and 15 acres of Multi-Family. In addition, the asset has 90 acres of I-25 freeway frontage currently valued at up to $1,000,000 per acre. Johnstown boasts substantial development and resale potential for retail, office, apartment, industrial, and single-family assets. . Learn more about investing in the Villages at Johnstown here.

About Downtown Mesa

The Downtown Mesa portfolio of properties consists of 8 historic buildings located on Main Street in Mesa, Arizona. The buildings consist of 100,000 square feet and occupy 20% of the main frontage on the popular Main Street. In conjunction with city government and like-minded investors, Caliber plans to revitalize the buildings to bring new life into a once thriving downtown. Learn more about investing in Downtown Mesa here.

About Flagstaff

Caliber acquired 13.65 acres of land in Flagstaff, AZ in July 2018 with plans to develop a multi-family apartment community. Our plan includes beginning ground up construction for a 122-unit property in Q1 of 2019 and estimated project completion of Q1 2020. We will begin marketing the new community during early development to insure quick lease up upon the property opening. There is a high demand for rental properties in the Flagstaff area for NAU Students, retirees and Families. With the property being centrally located, we anticipate high occupation.