GC Square Apartments

With $5 trillion of investable capital sitting on the sideline and not being put into projects across the U.S., opportunity zones – created by the Tax Cuts and Jobs Act – are a way to take advantage of a tax reduction and invest in local communities.

Caliber – The Wealth Development Co., on Wednesday hosted a tour of the GC Square Apartments, 3535 W. Camelback Rd., an example of a project that can be developed in an opportunity zone.  The Scottsdale-based firm showcased GC Square as U.S. Rep. Martha McSally, who is running for the U.S. Senate, was joined by Caliber President, COO and Co-Founder Jennifer Schrader.

GC Square is a completely renovated, off-campus apartment community designed for students near Grand Canyon University in Phoenix.

“This is exactly the type of property we would transform,” Schrader said. “When opportunity zones were first announced, we saw it as a great way to invest. The old way, we were limited to the 1031 (Exchange) or in many cases business owners were not ready to sell because the tax consequences were too high. Now with Caliber’s Opportunity Zone Fund, it will provide us with another avenue to invest directly in the communities where it’s most needed.”

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