Press Release, November 19, 2020
CALCAP ADVISORS EXPANDS APARTMENT PORTFOLIO IN PHOENIX, AZ
Pasadena, CA (November 19, 2020) – CALCAP Advisors is announcing that it has purchased University Commons apartments, located at 3450 West Missouri Avenue, Phoenix, AZ 85017. The acquisition closed on September 18, 2020 for $13,000,000 ($102,362/unit and $186 per square foot).
Built in 1983, University Commons apartments features 127 garden-style units in seven two-story buildings. The property consists of 10 Studio units, 111 one-bedroom/one bath units, and 6 two-bedroom/one bath units, with an average unit size of 550 square feet. Common area amenities include two swimming pools, an on-site laundry facility, and covered parking. Select apartments feature a private patio/balcony, walk-in closets, and full-size washer/dryer connections.
“University Commons apartments presents a significant management turnaround and value-add opportunity”, stated Edward Aloe, President & CEO of CALCAP Advisors. “The property is located directly across the street from Grand Canyon University, which has continued to grow in enrollment and stature every year. Our experience in the West Valley is significant. CALCAP has completed 6 full asset turns on apartment buildings here since 2012. The asset is currently under-performing and we plan on spending approximately $1 million to upgrade the property with new exterior paint and landscaping improvements, as well as completing interior upgrades in specified units.”
CALCAP’s in-house property management company, CALCAP Properties, will manage the renovations and day to day operations at University Commons.
CALCAP Advisors is continuing to source multi-family acquisitions throughout the Southwest. The company has completed thirty-two acquisitions with a value of approximately $400 million since 2010.
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 firstname.lastname@example.org.