CALCAP Principals have a wealth of experience owning and developing properties in California, Arizona and Texas. Below is a sampling of some recent projects.
Peoria, Arizona: Northwest Gardens, 198 apartments constructed in 1984, was purchased from Fannie Mae/Ocwen Loan Servicing in 2014. The property is currently undergoing a renovation including a new exterior paint scheme, a remodeled clubhouse and leasing center, a new fitness center, and installation of drought tolerant landscaping.
Las Vegas, Nevada: Rancho Mirada, built in 1996, was purchased from LNR Partners, LLC through Auction.com. The property offers 160 fully appointed 2 and 3 BR apartments, including a full-size washer and dryer in each unit. Community amenities include a “bark park”, playground, pool/spa, business center and clubhouse.
Phoenix, Arizona: The Colony, a 236-unit property purchased from Bank of America, offers residents the ease of being located within walking distance to civic amenities such as Maryvale Community Center, Maryvale Hospital, a Post Office, the public library, John F. Long Elementary School and Mark T. Atkinson middle school. Wal-Mart anchored shopping is a short walk away, as well.
Phoenix, Arizona: Constructed in 1985, Tierra Santa is the largest property in the portfolio at 274 units. Residents have the option of living in a one-story casita or two-story apartment home. Community amenities include two swimming pools, a spa, outdoor barbeques and a children’s playground. The property is within walking distance to a large community park, local schools and grocery-anchored shopping centers.
Tucson, Arizona: A 58-unit apartment property, built in 1971, is located in North/Central Tucson just two miles north of The University of Arizona. The property is currently undergoing a substantial renovation. New exterior paint, interior upgrades, landscaping, and a redesign of the large central courtyard/pool area are in progress.
Glendale, Arizona: A 70-unit property, built in 1984, has 44 one bedroom/one bath units and 26 two bedroom/two bath units. The property features a pool, laundry facilities, and ample covered parking. Located near the intersection of 67th Avenue and Bethany Home Road, the community is within walking distance to a Fry’s supermarket, Walgreens, several restaurants, and public transportation.
Phoenix, Arizona: A 156-unit property, constructed in 1986, with a 50% mix of 1 BR and 2 BR apartments. All of the apartment homes feature ceramic tile flooring and a stackable washer/dryer. Project amenities include a swimming pool, a grass field with soccer goals, and a sail- shaded children’s playground. The community is walking distance to a grocery-anchored shopping center and public transportation.
Glendale, Arizona: A 98-unit former condo project offering a unique mix of 1, 2, 3 and 4 bedroom units spread across a nicely landscaped and low density parcel. The property features a pool, laundry facilities, and ample parking. It is located within walking distance to a Fry’s supermarket, Walgreens, several restaurants, and convenient public transportation.
Phoenix, Arizona: A 142-unit apartment community located in the North Phoenix submarket, directly across the street from 30-acre Grovers Park. Constructed in 1985, it has well-designed 1 BR and 2 BR units. All of the apartments feature ceramic tile flooring and walk-in closets. Project amenities include 2 swimming pools, 2 free-standing laundry facilities, a covered parking, and terrific park views .
Phoenix, Arizona: A 64-unit property purchased from Wells Fargo Bank. The community, built in 2002, offers spacious 1, 2 and 3 bedroom apartments with private patios or balconies. The property features a clubhouse with WiFi, gated entries, covered parking and a children’s playground. The Metro Light Rail is a short walk away, offering transportation to downtown shopping, restaurants and events.
Phoenix, Arizona: A 29-unit, single-level apartment property, constructed in two phases (1981 and 1984). This low-density project has 72% 1 BR/1 BA and 28% 2BR/1 BA units. Unit amenities include full-size washer/dryer hookups, dishwashers, front patios and small rear yards in most units.
Phoenix, Arizona: A 64-unit apartment property comprised of 58% large 2BR/2BA units and 42% 1BR/1BA units. The property is undergoing a substantial rehab, improving the building’s appearance from the street, renovating the pool and landscaped areas, and updating the unit interiors to attract quality tenants.
Phoenix, Arizona: A 43-unit apartment property located very near the Phoenix Art Museum, Downtown and the light rail system. An extensive upgrade to the exterior and interiors has been recently completed, featuring original sculptures by local artist Bill Tonnesen. The project has been renamed “The Fountain” and was featured in several local news media broadcasts.
Phoenix, Arizona: A 52-unit apartment property purchased from Fannie Mae as an REO. This attractive project was constructed in 1982 and was 94% occupied at closing. The property is comprised of 39 1BR/1BA and 13 large studios. McDowell Road is a busy east-west corridor ensuring high visibility of the property to potential tenants.
San Diego, California: A 14 unit distressed condominium project purchased from a lender (REO). Project was 98% complete upon acquisition. Worked with regulatory agencies to get CofO’s and Final Public report. Set up all HOA management documents. Initiated project approvals for FHA/VA and conventional financing, in preparation for unit sales to home buyers.
Palm Springs, California: Four apartment and mixed-use properties purchased from lenders (WAMU) and other motivated sellers at REO sales prices. Properties were upgraded, re-tenanted, and operated as rentals until asset disposition. Annual ROI to investors was between 38%-74%.
Phoenix, Arizona: A 73,300 square foot Class “A” industrial property was purchased from a national publicly traded REIT. The property was approximately 50% vacant at the close of escrow. Actions taken included construction of tenant improvements, marketing and leasing suites to reach 100% stabilized occupancy.
Riverside, California: Aprial Healthcare (NYSE: AHG) occupies this 40,000 square foot industrial building located within the Commerce Square Business Park. With freeway access to I-215, 91, and 60, Apria services much of the Inland Empire from this facility.
El Cajon, California: Rubio's Fresh Mexican Grill is the tenant for this 3,000 square foot restaurant building. The building is on a signalized intersection just south of Interstate 8 and has a drive thru.