Press Release, September 9, 2019
CALCAP ADVISORS DOUBLES APARTMENT PORTFOLIO IN CASA GRANDE, AZ
Pasadena, CA (September 6, 2019) – CALCAP Advisors is announcing that it has purchased Bella Vista apartments, located at 1564 North Morrison Avenue, Casa Grande, AZ. The acquisition closed on August 30, 2019 for $11,375,000 ($81,250/unit and $93 per square foot).
Built in 1995, Bella Vista apartments features 140 garden-style units in seven two-story buildings. The property consists of 88 two-bedroom/two bath units and 52 three-bedroom/two bath units, with an average unit size of 877 square feet. Common area amenities include a free-standing Leasing Office with Business Center, a pool, on-site laundry facility, BBQ grills, and covered parking. The apartment interiors feature 9’ ceilings, modern kitchens, and patios/balconies. 26 apartment units have washer/dryer hookups.
“Bella Vista apartments offered us an opportunity to purchase a newer multi-family community near Las Brisas apartments, our 132-unit property located at 1000 North Arizola Road, which has been one of our top performing assets”, stated Edward Aloe, President & CEO of CALCAP Advisors. “Although the property is in good condition, we’re planning on upgrading Bella Vista apartments with exterior paint and new landscaping, as well as completing interior upgrades in specified units. We believe there is significant rental upside, especially as several major developments move closer to completion in Casa Grande.” CALCAP Properties will manage the renovations and day to day operations at Bella Vista apartments.
CALCAP Advisors is continuing to source multi-family acquisitions throughout the Southwest. The company has completed thirty acquisitions totaling 3,455 units since 2010.
For more information please contact Susan Rangel at 626.208.8236 or email firstname.lastname@example.org.
About CALCAP Advisors
California Capital Real Estate Advisors, Inc., and its affiliate entities (CALCAP Asset Management I, CALCAP Properties, CALCAP Lending, and CALCAP Senior Healthcare I, collectively known as “CALCAP”), is a California based investment company founded and 2008 and headquartered in Pasadena, California. The Company sponsors alternative real estate investment opportunities focused on demographically driven housing. CALCAP has been able to consistently provide both individual and institutional investors with outstanding returns over the last 10 years. The Company’s core strategies look to actively create alpha for investors while managing risk. CALCAP currently has over $250mm in Assets Under Management. To learn more visit www.calcapadvisors.com.
CALCAP has created the CALCAP CARES program to encourage employees to find a way to give back to the neighborhoods where we invest. CALCAP has created “GiveTime4Autism” as its initial program which will allow employees the ability to donate unused vacation and sick days for a very worthy cause.
For more information, contact Susan Rangel at 626-208-8237 or e mail email@example.com.