This is the company's sixth property in the state
Clear Capital, LLC, a private equity investment firm specializing in multi-housing real estate, has acquired a 180-unit multifamily property in Phoenix, Arizona to be rebranded “Aspire West Phoenix.”
This transaction marks Clear Capital’s second investment in Phoenix, its sixth in Arizona, and its 37th in the United Sates, a statement from the company said.
The property is situated on Thomas Road, a major thoroughfare in the West Phoenix area. It has studios, one-bedroom, and two-bedroom floorplans, and boasts resort-style amenities including three pools, a new dog park, and outdoor activity areas with cornhole courts, covered picnic tables, and gas barbeques. Clear Capital said it has plans to fully renovate the property’s older units and further update previously remodeled units. It will also upgrade exterior lighting and the HVAC infrastructure to reduce utility expenses.
Clear Capital currently owns and operates a diverse portfolio of multifamily properties in the Western, Mountain, and Sunbelt regions nearing $1 billion in value. With headquarters in Irvine and Los Angeles, the company said this latest acquisition further highlights its strategy of “purchasing value-add opportunities with strong cash flow, desirable locations, and operational upside in high barrier-to-entry markets.”
“This investment aims at providing investors a current cash yield with a double-digit levered IRR
over a five-year hold period,” the company added.
