In March 2023, Caliber, in collaboration with 48 Investments, acquired the West Frontier Apartments, an attractive 42-unit garden-style complex in Payson, AZ (300 W. Frontier St., Payson, AZ 85541). This venture signifies the inaugural addition to Caliber's Core+ fund. The strategy involves a 12–24-month bridge period for acquisition and renovation, with future long-term permanent financing traditionally much more favorable.

West Frontier Apartments, constructed in 1985, offers individually metered utilities, condo mapping potential, and is undergoing significant exterior enhancements. With seventeen recently renovated units, the property aligns seamlessly with the vibrant lifestyle of Payson, a community known for its diverse outdoor attractions. This venture aims to not only elevate the property but also contribute to the enrichment of Payson's local community.