SCOTTSDALE, Ariz.--(BUSINESS WIRE)--CaliberCos Inc. (NASDAQ: CWD; “Caliber”), a real estate investor, developer, and manager, today announced the sale of 24-7 Automated Storage, a 348-unit self-storage facility in Casa Grande, Ariz., for $4.6 million to SSF MP Investments LLC. The property was purchased in December 2015 by two Caliber-sponsored investment funds, Caliber Distressed Real Estate Investment Fund and Caliber Diversified Opportunity Fund II, LP.
Located at 1040 North VIP Blvd. in Casa Grande, the facility’s 348 storage units range in size from 30 to 4,000 square feet. The facility has an 83% occupancy and is located in a rapidly growing area.
"Our investment in this facility and subsequent sale is another example of Caliber’s ability to identify strategic opportunities that create value for our investors. We are pleased to bring this transaction to a close, which unlocks capital to potentially invest in new assets at a time when deal volume is low,” said Chris Loeffler, CEO of Caliber.
Brokers on this deal were JDS Real Estate Services, Inc, and Caliber Realty.
About Caliber (CaliberCos Inc.) (NASDAQ: CWD)
With more than $2.9 billion of managed assets, Caliber’s 15-year track record of managing and developing real estate is built on a singular goal: make money in all market conditions. Our growth is fueled by our performance and our competitive advantage: we invest in projects, strategies, and geographies that global real estate institutions do not. Integral to our competitive advantage is our in-house shared services group, which offers Caliber greater control over our real estate and visibility to future investment opportunities. There are multiple ways to participate in Caliber’s success: invest in Nasdaq-listed CaliberCos Inc. and/or invest directly in our Private Funds.
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looking statements are based on the Company’s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. These and other risks and uncertainties are described more fully in the section titled “Risk Factors” in the final prospectus related to the Company’s public offering filed with the SEC and other reports filed with the SEC thereafter. Forward-looking statements contained in this announcement are made as of this date, and the Company undertakes no duty to update such information except as required under applicable law.
