One of the featured properties in Caliber’s Tax Advantaged Opportunity Zone Fund, LP is the Roosevelt Townhome community in Tempe. A development Caliber is managing from the ground-up, the Roosevelt project showcases our ability to design a community around the needs and demographics of the surrounding area.
Created by the Tax Cuts and Jobs Act of 2017, opportunity zones work to incentivize new investments in underserved communities with the goal of making substantial improvements in these areas. While opportunity zones are designated based on census data showing a community to be “distressed” and/or low-income, many of the areas on the list are in a growth or renewal phase. This is the case for Downtown Tempe.
Located in the bustling downtown Tempe district, The Roosevelt Townhome community is in close proximity to Arizona State University, Mill Avenue Entertainment District and the Tempe Town Lake business corridor. ASU boasts an enrollment in excess of 75,000 and the business corridor houses several large companies with more than 40,000 total employees.
Caliber has designed a community to meet the housing need of this specific demographic of potential residents.
Overview of the Roosevelt Townhome Community
The 42-unit townhome community will feature two floorplans: 1,850-square-foot units with two bedrooms and two bathrooms and a 2,000-square-foot floor plan featuring three bedrooms and two and a half bathrooms. Each unit will be thoughtfully designed with attached garages, full-sized washers and dryers and high-end finishes. The community will include a variety of lifestyle amenities such as an outdoor pool, BBQ area and secure gated entry.
Phase one of the project resumed construction in February 2019 and the development is slated for completion by March 2020.
Environmentally Sensitive Design
The Roosevelt Townhomes have been designed to exceed Leadership in Energy and Environmental Design (LEED®) qualifications, as well as to achieve Energy Star® certification. Each unit will come standard with innovative sustainability features such as LED lighting, hybrid water heaters, Icynene spray foam in all exterior walls and ceilings for insulation and soundproofing, PEX plumbing and Energy Star appliances.
For the Roosevelt project, Caliber is exploring many smart home technology options such as automated locks, cameras, smoke detectors, lighting and more. The goal is for home functions to be controlled via smartphone, even when the resident is out of the house.
The Roosevelt development’s floor plans, integrated technology and sustainable building features have been carefully cultivated to resonate with the area’s GenX and Millennial buyers. The forward-thinking community will not only raise property values but also be well-suited for Tempe buyers looking for a live-work-play lifestyle.
Caliber has a track record of successful multi-family projects, having acquired, developed, renovated and managed nine multi-family communities since 2010. To learn more about Caliber’s assets or how you can invest in the Caliber Tax Advantaged Opportunity Zone Fund, LP contact us.