Travis Cadman of Investar USA Announces 200 Multifamily Units to Be Built in the Greater Phoenix Metro
Imagine having the opportunity to build multifamily communities that will generate income for you for years to come. For many savvy real estate investors, like Travis Cadman, this isn’t just a dream — it’s a reality. Cadman is currently in the process of acquiring land for multifamily development in Phoenix, Arizona — part of his plan to build 200 multifamily units in the next two years.
This move will benefit not only his business, Investar USA, but also those looking for high-quality apartment homes in the Phoenix area. Cadman also has plans for additional developments in other Southern U.S. markets.
According to Cadman, he and his partners at Investar USA have already started the process and are under contract to purchase 1.75 acres for the development of a new multifamily community. The address of this 1.75-acre land parcel is 8849 South 7th Street, Phoenix, AZ. The multifamily property is expected to include one-bedroom and two-bedroom units. The land purchase should be completed in the earlier part of next year, with designs, drawings, and land entitlements currently being underway.
Cadman is also in the process of acquiring additional lands for building 200 multifamily units during the next 24 months.
Cadman’s experience in real estate spans three decades, with his specialty being the development and revitalization of multifamily communities in the United States’ southern area. However, the developer and investor have also thrived in his home country of Canada (he grew up in Red Deer, Alberta).
Cadman and his brother, Ron, currently maintain a $100 million commercial fund after having spent many years building single-family houses, purchasing under-valued distressed assets, and acquiring “value-add” apartment communities. When you look at his resume of real estate accomplishments, it is clear that he has mastered how to capitalize on income-producing real estate opportunities in a wide range of markets and economic situations.
In Phoenix, Arizona, and Red Deer Alberta, in particular, Cadman has created and marketed more than 2,000 residential units. He has also utilized more than $20 million to obtain distressed properties throughout the Greater Phoenix area during the Great Recession from 2008 – 2015. Phoenix continues to be one of the top areas for investing in multifamily assets, as it boasts a thriving economy which is a catalyst for household formations.
Manufacturing and tourism, traditionally the base of the city’s economy, continue to be important to Phoenix. Major industrial products manufactured by companies located in the metropolitan area include aircraft parts, electronic equipment, agricultural chemicals, radios, air-conditioning equipment, leather goods, and native American crafts. Tourism is an especially vital part of the economy. With more than 10 million visitors from the United States and Canada annually visiting for the warm weather and sunshine in the Valley of the Sun, Phoenix continues to be an important resort center. Flights from Phoenix travel to 89 locations within the United States and 17 cities internationally including destinations in Norway, Sweden, Greenland, Mexico, India, and Canada. The airport is constantly seeking to improve its facilities as is demonstrated by the nearly 80 ongoing slated projects costing an upwards of $600 million. As a result of the population boom, the economy of Phoenix has taken on new dimensions in recent decades by moving into technology and service industries. Tourism and business services in particular now account for nearly 77 percent of the area’s total employment. Another sector of growth has been financial services and banking as several significant processing and/or regional headquarters operations call Phoenix home: American Express, Chase Bank, Bank of America, Discover Card Services, and Wells Fargo Bank. High technology and aerospace firms hold a considerable share of the manufacturing jobs throughout the state (56 percent). Population and economic growth have made Phoenix the center of the state’s economy. More than a third of the state’s entire labor force works in the Phoenix metropolitan area. Further, many Fortune 500 companies operate within the area such as Boeing, Bank of America, Time Warner Telecom, IBM, and Intel.*
Due to these sustainable economic drivers, the demand for quality purpose-built rental communities currently is, and will remain, high. Cadman see’s the demand for rental properties in both well-located in-fill sites as well the new suburban communities. Positive population and job growth, affordable construction costs, desirable climate, baby boomer and millennial lifestyle destination and upward pressure on rental rates quite simply make the Greater Phoenix market a great place to invest in purpose-built rental communities.
In addition to seizing real estate investment opportunities in Arizona and other parts of the United States, as well as Canada, Cadman is passionate about educating new real estate investors about how to make the industry work for them. He is especially interested in showing others how to use the build-to-rent strategy to generate income by developing a desirable multifamily rental community.
Cadman’s aim is to keep providing high-quality guidance to today’s real estate investors, meeting the needs of the quality tenants, building sustainable relationships with industry professionals, and excelling in the constantly evolving world of real estate in the years ahead.
*Source: city-data.com/us-cities/The-West/Phoenix-Economy.html
Boris Dzhingarov graduated UNWE with a major in marketing. He is the founder of ESBO ltd a brand mentioning company. He is also passionate about meditation and healthy living. You can find articles on such topics at his spiritual blog Dzhingarov.com.