Caliber-The Wealth Development Company has sold the three apartment complexes in Phoenix that make up its Palms Apartment portfolio. The property was purchased in 2016 for $14,050,000 and recently sold for $25,000,000.
As part of its overall investment strategy and to maximize returns for clients, Caliber regularly evaluates its holdings and makes adjustments as opportunities for profitable transactions arise.
“A group of Caliber investors earned an estimated net equity multiple of 2.2x, allowing a $250,000 initial investment to return approximately $550,000 over a hold period from August 2016 through December 2019,” said Chris Loeffler, Caliber Co-Founder and CEO.
Caliber expects some of the project’s investors will avoid state and federal taxes by investing their capital gains into the Caliber Tax Advantaged Opportunity Zone Fund, LP with an option to invest the non-gain proceeds into the Caliber Diversified Opportunity Fund II, LP. These two funds allow Caliber investors to harvest gains from prior years, reduce their tax liabilities and invest again into similar strategies that produced their initial results.
A full-service real estate investment company, Caliber provides accredited investors and registered investment advisors with well-structured alternatives to traditional investments. The organization specializes in commercial, residential and hospitality properties with diversified and asset-specific options. Over the past ten years, Caliber has grown its private equity portfolio to more than $900 million in assets under management and in development across the Southwest.
Contact us today to learn more about Caliber’s investment opportunities and open funds.
Sold Price: $25,000,000 / 374 Total Units / Three-Property Portfolio
|Phoenix Central Apartments:|
130 units, constructed in 1972
|Phoenix Northwest Apartments:|
124 units, constructed in 1974
|Phoenix West Apartments:|
120 units, constructed in 1974