TUCSON | ARIZONA
ABOUT THE ASSET
This 167-unit property was acquired by Caliber in April of 2014 for approximately $5.2 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. 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 and a 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%.