Caliber Tax Advantaged Opportunity Zone Fund II
Managed by Caliber (CaliberCos Inc.) · Multifamily, Mixed-use, Retail, Hospitality, Industrial, Office · Opportunity Zones in Arizona, Texas
Diversified Arizona and Southwest commercial real estate (multifamily, hospitality, industrial, mixed-use) from CaliberCos — a Nasdaq-listed sponsor (CWD) with $2.9B+ AUM and 16 years of operating history. Public-company audited financials are rare among OZ sponsors. Vertically integrated platform: builds, buys, renovates, and operates in-house. Portfolio includes the Riverwalk PURE Pickleball complex in Scottsdale and a Hyatt Studios master agreement for up to 15 locations. "Investors profit first" waterfall.
Overview
Caliber Tax Advantaged Opportunity Zone Fund II invests in commercial real estate located in designated Opportunity Zones — multifamily, commercial, hospitality, industrial — with a primary focus on Arizona and the Southwest U.S.
The strategy spans Core / Core Plus / Value-Add / Opportunistic risk profiles across the vertically integrated platform (build, buy, renovate, operate). The fund uses an 'investors profit first' waterfall: the sponsor participates after performance benchmarks are met — meaningful alignment for limited partners.
At a glance
Targets are sponsor-stated and not guaranteed.
Investment thesis
Public-company transparency: Caliber is listed on Nasdaq (CWD), providing access to audited financials and public-company governance — uncommon for OZ sponsors.
16-year operating history through full cycles ($2.9B+ AUM, $667M+ equity raised) provides institutional-grade track record.
Vertically integrated platform (in-house build/buy/renovate/operate) reduces dependency on third-party operators and captures fee streams within the fund.
Specific assets in or related to the fund include Riverwalk PURE Pickleball (Scottsdale) and a Hyatt Studios Master Development Agreement (up to 15 locations) — non-typical OZ asset types with strong consumer/brand tailwinds.
Geographic focus
Arizona and Southwest U.S. focus on commercial real estate in designated Opportunity Zones.
Investor timeline
Sponsor
Caliber (CaliberCos Inc.) — $2.9B+ AUM & under development AUM , 7 years operating in Opportunity Zones . Scottsdale, AZ-based vertically integrated commercial real estate sponsor, publicly traded as Nasdaq: CWD. $2.9B+ in assets under management & development with $667M+ in equity raised across a 16-year operating history. Vertically integrated across build/buy/renovate/operate. Notable projects include Riverwalk PURE Pickleball in Scottsdale (billed as the world's largest indoor pickleball/padel facility) and a Hyatt Studios Master Development Agreement for up to 15 locations.
Leadership team
The people responsible for acquiring and managing the fund's assets.
Key risks
- Illiquid for ~10 years. No public market for shares; plan to leave capital invested for a decade.
- Returns are targets, not guarantees. Real estate can underperform; you could receive less than invested.
- Tax benefit requires the full hold. The appreciation exclusion applies only at 10+ years.
- Geographic concentration in Arizona / Southwest U.S. — exposure to regional demographic and economic trends.
- Some non-traditional assets (pickleball facility, hospitality) — narrower buyer pool at exit than typical multifamily.
- Caliber is a publicly traded company (Nasdaq: CWD); stock-price volatility is separate from the underlying QOF performance but may affect sponsor capacity in stress scenarios.
- Hyatt Studios Master Development Agreement is multi-year — execution risk over the build-out window.
- Single-sponsor execution risk. Outcomes depend on Caliber (CaliberCos Inc.)'s acquisition and management. Past performance does not guarantee future results.
Model your return
Compare this fund's after-tax outcome against paying the tax and investing elsewhere.
Hypothetical scenarios. Not a forecast. Past performance does not predict future results. Target IRR is sponsor-stated; actual returns may differ materially. S&P 500 baseline uses 10% historical nominal; T-bills 4% nominal. State tax: California 13.30%. Federal LTCG 20% + 3.8% NIIT applied to appreciation at exit on non-OZ paths. QROF appreciation tax-free after 10-year hold per IRC § 1400Z-2. Not investment advice; not an offer to sell securities.
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About this profile
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