Cal-Am Properties has expanded its portfolio of multifamily communities in the Phoenix area with the acquisition of a 214-unit community. The company had previously acquired Elevation at the Village in Gilbert, Ariz., from Vedura Residential for $66.5 million. According to Yardi Matrix data, Cal-Am had the help of a $32.5 million Freddie Mac loan for the acquisition. Cushman & Wakefield’s David Fogler, Steven Nicoluzakis and Race Carter represented the seller.
The developer started construction on Elevation at the Village in March 2021 and eventually delivered the garden-style community in 2023. The four-story community offers studio and one- and two-bedroom units ranging from 625 to 1,268 square feet. The units were built with kitchen islands, walk-in closets, backlit LED mirrors and smart home packages. Residents also have access to a number of common amenities, including a pool, spa, two-story fitness center, dog park, social lounge, outdoor seating areas, package lockers, poolside cabanas and bike storage. According to Yardi Matrix data, Elevation at the Village is 99.5 percent occupied.
Located at 1935 S. Santan Village Parkway, the community is part of the SanTan Village open-air shopping center that’s home to major retailers like Best Buy, HomeGoods, Apple, Chipotle, Shake Shack and many others. Residents get access to more options through an approximately 30-minute drive to downtown Phoenix. The community is also roughly six miles away from both downtown Gilbert and the Phoenix-Mesa Gateway Airport.
Diverse Arizona portfolio
Beyond Elevation at the Village, Cal-Am’s portfolio in Arizona includes various types of communities across the state, including all-ages communities, RV resorts, manufactured homes and those restricted to residents who are at least 55. Outside Arizona, Cal-Am owns assets in several U.S. states, including California, Florida, Nevada, Oregon, Washington and Idaho.
As for Vedura Residential, the Scottsdale, Ariz.-based developer creates Class A communities across select markets in southwestern U.S. Down the street from Elevation at the Village, Vendura previously built the 297-unit Elevation San Tan and sold it for more than $91 million in 2021. Besides building communities near the SanTan Village, the developer has expanded its Elevation-branded homes to Flagstaff, Chandler, Peoria and other cities in Arizona.
