By InBusiness Phoenix
Caliber, a real estate investor, developer, and manager, announced completion of the funding for the first phase of the Company’s SP10 project, which will bring much needed new housing units to the Ahwatukee Foothills neighborhood in South Phoenix. The project will begin with the conversion of an existing 160-room hotel to 104 apartment units with Class A amenities. This will be followed by the construction of 44 low-density townhouse units in back of the tower complex and 40 similar units on acreage recently acquired by Caliber in front of the tower. The entire complex of single-family rentals (SFR) will share access to a full suite of amenities designed to appeal to young professionals and families, work-from-home professionals, and corporate housing. Demolition on the interior of the tower began in May.
Demand for housing rental options across the metro Phoenix area remains high as the cost of home ownership continues to be out of reach for many, with high interest rates only exacerbating the situation. According to a report by Realtor.com, the Phoenix area has the third widest gap between mortgage payments and monthly rent in the nation. Yet Arizona ranks as the 12th most expensive state for home and apartment rents.
