Clear Capital, LLC Acquires 180-Unit Multifamily Property in Phoenix, AZ
PHOENIX, AZ, USA, July 1, 2022 /EINPresswire.com/ — clear capital, LLC, a West Coast-based private equity investment firm specializing in multi-unit real estate, announces the acquisition of the Loramont on Thomas Apartments, a 180-unit multi-family property in Phoenix, AZ. Asset is located within 5 miles of Clear Capital’s first investment in Arizona; Aspire Glendale and less than 2 miles from the 3rd venture investment in the state; Aspire West Desert. The property will be renamed “Aspire West Phoenix” upon takeover.
The purchase marks Clear Capital’s second investment in Phoenix, sixth in Arizona and 37th in the United States.
Built in 1977, Aspire West Phoenix is located on 4.05 acres at 4903 W. Thomas Road in Phoenix, AZ. The community has bachelor, one-bedroom, and two-bedroom floor plans with vinyl plank flooring, faux stone countertops, and stainless steel appliances in the remodeled apartments. Extensive resort-style amenities include three pools, updated laundry facilities, a new dog park, and outdoor activity areas with cornhole courts, covered picnic tables, and gas grills. With 75% of units partially renovated, Clear Capital plans to fully renovate the remaining classic units and update previously renovated units. The modern interior design will include a complete kitchen renovation with stainless steel appliances, new cabinets and counters, two-tone walls, ceiling fans, tile backsplash, and new lighting and plumbing fixtures. . Clear Capital plans to update community signage, improve exterior lighting, and update the community’s HVAC infrastructure to reduce utility expenses.
The recent acquisition of Clear Capital highlights the company’s investment strategy of buying value-added opportunities with strong cash flows, desirable locations and operational advantages in high barrier-to-entry markets . This investment aims to provide investors with a current cash return with a double-digit leveraged IRR over a 5-year holding period.
Aspire West Phoenix is located on a major thoroughfare – Thomas Road – which offers excellent driving visibility. The property is conveniently located in West Phoenix with unparalleled positioning to the new Loop 202 and I-10 interchange providing residents with exceptional access to the entire metropolitan area. Aspire West Phoenix’s ultra-connected central location will continue to support strong multi-family fundamentals fueled by Phoenix’s growth model and the Southwest Valley’s sustainable and expanding employment base. Aspire West Phoenix offers residents an effortless commute to most major services within a few miles; these include a 4-minute drive to malls with over 30 stores, 1.5 miles to Target and Pavilions, and 9 miles to State Farm Stadium, home of the Arizona Cardinals.
Phoenix is the capital of Arizona, and it is the fifth most populous city in the United States and the most populous city in Arizona. Not only is the cost of living in Phoenix 5% lower than the national average, but property taxes are also lower than other major retirement destinations. Phoenix Ranked #2 among the best job markets in the United States The state is a hub for the fast-growing tech industry and five Fortune 500 companies are headquartered in Phoenix along with the nation’s largest companies such than Amazon, Shutterfly and Uber. Phoenix is a great place to launch startups, budding entrepreneurs, and local small businesses. The current unemployment rate is 3.2% lower than the national average and the average base salary is $70,000. Phoenix was ranked #55 on the annual World’s Best Cities report and #13 on America’s Best Cities.
About Clear Capital
Clear Capital is a West Coast-based private equity investment firm specializing in multi-unit real estate investments. The Company is focused on acquiring, renovating, repositioning and managing multi-family housing assets in the Western, Mountain and Sunbelt regions of the United States. Clear Capital owns and operates a diverse portfolio of multi-family communities with over 4,600 units valued approaching nearly $1 billion in 6 states. Clear Capital’s distinctive approach to investing in real assets has consistently produced above average risk-adjusted returns for its investors. For more information or to invest, visit www.ClearCapLLC.com. Follow us on LinkedIn and Facebook for the latest company developments.
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