CaliberCos JV Opens Phoenix-Area Workforce Community

The property is subject to a $34 million loan from Builders Capital.

2nd Ave Commons

2nd Avenue Commons is located in downtown Mesa. Image courtesy of CaliberCos

A joint venture of CaliberCos Inc. and Cardinal Capital Management has completed 2nd Avenue Commons, a 144-unit workforce housing community in Mesa, Ariz. The property is subject to a $34 million construction loan that Builders Capital originated in 2022, according to Yardi Matrix data. MEB Management Services is providing leasing services.

The community comprises 12 three-story buildings, incorporating one- and two-bedroom floorplans ranging from 538 to 857 square feet. Apartments feature smart entry locks and thermostats, in-unit washers and dryers, along with private balconies or patios in select layouts. Common-area amenities include a fitness center, swimming pool, clubhouse and EV charging stations.

Located at 140 W 2nd Ave., in an Opportunity Zone, the property is roughly 18 miles west of Phoenix and some 20 miles from the Phoenix-Mesa Gateway Airport. The community is within downtown Mesa, close to numerous entertainment and cultural options such as the Nile Theater and the Mesa Contemporary Arts Museum.

In the first half of 2023, Phoenix registered the highest volume of multifamily deliveries in the country, developers bringing online 8,062 units across 36 properties, accounting for 2.8 percent of stock, Yardi Matrix research shows. Across delivered product, 97 percent of units were in the Lifestyle segment, with the remaining 3 percent belonging to the Renter-by-Necessity sector.

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