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Caliber sells Tuscon multi-family property for $23M
Caliber recently sold a 167 unit multi-family property in Tucson, Arizona for $23M, an 81% ($10M+) value increase from the real estate company’s original purchase in 2014 and subsequent renovations. (Caliber completed a $7.9M renovation of the property in July 2016.)
Tucson is the second most populated city in Arizona behind Phoenix and has benefited from the recent emigration of people from other more expensive U.S. cities seeking a lower cost of living.
“This transaction is demonstrative of the value-add investment strategy,” stated Lisa Pudewell, Vice President of Real Estate Assets at Caliber. “As Arizona and other Southwest markets continue to surge with demand, we are proactively allocating resources to these vibrant markets through strategic asset sales, renovations, and value-add acquisitions.”
Caliber’s campaign on SeedInvest has raised over $6.7M, is successfully funded, and is ending on Friday, February 26th.