This project includes the development of a new multi-family and retail complex in Downtown Bryan, Texas; another major addition to its Opportunity Zone Fund portfolio
CaliberCos Inc. (Caliber), a fully integrated alternative asset manager and fund sponsor, today announced that it had broken ground on Jordan Lofts, a 48-unit Class A multifamily property that will include 6,500 square feet of retail space in Downtown Bryan, Texas. This project is Caliber’s first investment in Texas, one of the fastest-growing states in the U.S. The Bryan-College Station metro area had the second-fastest-growing GDP in the state of Texas in 2020.
Caliber is co-developing this project with BCS Modern, a full-service real estate development firm that has completed several successful projects in Bryan. BCS Modern contributed the half-acre lot where the complex will be built. Each of the 48 residential units will include 12-foot ceilings, a lofted bedroom and well-appointed kitchens and bathrooms. It is located at 22nd and Main Streets in Downtown Bryan, which is part of a designated Opportunity Zone. Rents for units in this project will be lower than those at other complexes in the market area.
“We are very pleased that our first investment in Texas is part of our Opportunity Zone Fund,” said Roy Bade, Chief Development Officer for Caliber. “With the Jordan Lofts project, we are transforming empty lots into a multi-use complex that will provide affordable housing and attract additional economic development to the rapidly growing area. As Downtown Bryan and the broader Bryan-College Station metropolitan area continue to grow, we expect demand for housing to escalate as well.”
The entire Bryan-College Station area is experiencing significant growth and more investment is expected as construction continues on a high-speed railway connecting Houston and Dallas with Bryan set to be the only stop. By 2029, that railway is expected to carry six million riders annually. Furthermore, the multifamily rental market in Bryan has been very strong over the past several years with occupancy hovering near 100 percent.
Chris Lawrence, CEO for BCS Modern, said, “For more than a decade, we have put 100 percent of our efforts towards rebuilding this once vibrant Downtown area. Working closely with the City, our downtown small business friends and partners, and focusing on art and culture, we are now bringing to fruition the next phase of our efforts, Jordan Lofts. We are so excited to see strong growth in our community and the impact that our developments have in showcasing Downtown Bryan.”
Caliber – the Wealth Development Company – is a middle-market alternative asset manager and fund sponsor with approximately $1.5 billion in assets under management and development. The Company sponsors private funds, private syndications, as well as externally managed real estate investment trusts (REITs). It conducts substantially all business through CaliberCos, Inc., a vertically integrated asset manager delivering services which include capital formation and management, real estate development, construction management, acquisitions and sales. Caliber delivers a full suite of alternative investments to a $4 trillion market that includes high net worth, accredited and qualified investors, as well as family offices and smaller institutions. This strategy allows the Company to opportunistically compete in an evolving middle-market arena for alternative investments. Additional information can be found at CaliberCo.com and CaliberFunds.co.
Click here to see Caliber’s current property portfolio.
If you would like to speak to someone about diversifying your retirement accounts, contact us at [email protected] or call (480) 295-7600 to schedule a call with a member of our Wealth Development Team.
If you would like to learn more about Opportunity Zone Investing, Caliber has put together a special guide that cuts through the myths and misconceptions and outlines the benefits, the risks, and the upcoming deadlines you must know to be able to participate. Get access to the guide here.
The information contained herein is general in nature and is not intended, and should not be construed, as accounting, financial, investment, legal, or tax advice, or opinion, in each instance provided by Caliber or any of its affiliates, agents, or representatives. The reader is cautioned that this material may not be applicable to, or suitable for, the reader’s specific circumstances, desires, needs, and requires consideration of all applicable facts and circumstances. The reader understands and acknowledges that, prior to taking any action relating to this material, the reader (i) has been encouraged to rely upon the advice of the reader’s accounting, financial, investment, legal, and tax advisers with respect to the accounting, financial, investment, legal, tax, and other considerations relating to this material, (ii) is not relying upon Caliber or any of its affiliates, agents, employees, managers, members, or representatives for accounting, financial, investment, legal, tax, or business advice, and (iii) has sought independent accounting, financial, investment, legal, tax, and business advice relating to this material. Caliber, and each of its affiliates, agents, employees, managers, members, and representatives assumes no obligation to inform the reader of any change in the law or other factors that could affect the information contained herein.