Construction begins on 144-unit apartment community in Mesa
Mar 1, 2022, 5:00 PM | Updated: Mar 2, 2022, 6:35 pm
PHOENIX — Construction began Wednesday on a 144-unit apartment community in downtown Mesa that is expected to open sometime in 2023.
The Commons of Mesa is located on a 2.54-acre lot at 140 W. 2nd Avenue and will offer 48 one-bedroom units and 96 two-bedroom units, asset manager and fund sponsor Caliber said in a press release.
“We appreciate Caliber’s investment and commitment to our downtown and we’re excited for more people to have the opportunity to live here,” Mayor John Giles said in a statement.
“The Commons of Mesa will be a great addition.”
The community will be comprised of 12 buildings, each with 12 units, that surround a common courtyard.
Total development cost of the community is $42 million, according to the release, and the company said it is raising equity for the project in the amount of $9 million. It is also co-developing the complex with vertically integrated real estate development company Cardinal Capital Management.
The new community marks Caliber’s latest investment into its portfolio in Mesa.
Caliber said it is also redeveloping a property at 29 W. Main Street as a mixed-use property with 10,000 square feet of retail on the ground floor and 90 apartments on five floors above.
“Given the national conversation about the lack of attainable housing, Caliber’s apartments at The Commons of Mesa and at 29 West Main Street, add 234 new apartments to Mesa and are hitting directly at the need that local governments across the country are trying to address,” John Hartman, chief investment officer of Caliber, said in the release.
The company also has a co-working space under construction in the city, signed with a distillery company for a property at 155 W. Main Street, as well as finalizing leases with a malthouse, a bar arcade and a multi-offering food hall which will have a market hall, restaurants and bars.
Caliber added it is in late discussions with a number of retail and restaurant tenants for its five other buildings in downtown Mesa.