Downtown Tempe isn’t just for students anymore. But the youthful vibe is appreciated by working professionals and investors considering The Roosevelt upmarket townhomes currently under construction by Scottsdale-based Caliber – The Wealth Development Company.
Located just two blocks from iconic Mill Avenue and Tempe Town Lake in downtown Tempe, the $19 million multi-family project at 233 S. Roosevelt St. is the latest entrant within Caliber’s Tax Advantaged Opportunity Fund, an equity opportunity that allows investors to roll over capital gains into a tax-free environment which supports redevelopment efforts within new Federal Opportunity Zones.
The Roosevelt makes sense for both residents and investors. The brand-new build addresses an acute shortage of higher-end townhome and condominium inventory for working professionals with close proximity to downtown Phoenix, Tempe, Scottsdale and other employment hubs. Excellent light rail, airport and highway connectivity at Loop-202, along with the lively entertainment and dining of Mill Avenue, also are highly attractive to buyers.
All 42 units offer state-of-the-art, energy-efficient features such as LED lighting, solar panels, cool roof technology, Energy Star appliances, PEX plumbing, and High SEER heat pumps. Convenience and security features include high-speed internet access, full washers and dryers, a resort style pool, secure gated access, garages and home automation systems where owners will be able to control lighting, smoke detectors, locks and more via their smartphones. Prices start in the low $400,000s to $500,000.
“The combination of low inventory and high demand for luxury living multi-family housing, in an area well-suited for young working professionals, makes good sense for Caliber’s portfolio,” says Kyle Cox, senior vice president of marketing, “Though the project is near Arizona State University, we do not anticipate much interest from students at this pricepoint. The redevelopment mission also means you’re helping the community and its revitalization. We expect The Roosevelt to quickly sell out.”
Floor plans vary from two bedroom, two bathroom covering 1,850 square feet to three bedroom, two and a half bathroom plan that features more than 2,000 square feet of living space.
Investment in The Roosevelt townhome development is exclusively available through the Caliber Tax Advantaged Opportunity Zone Fund, LP.