Calvera Partners Acquires 5 Apartment Buildings in Downtown San Jose, CA
Topic:
Calvera Partners, LLC announced today that it has purchased 5 apartment buildings in downtown San Jose, CA through an affiliated entity. Closing of the 45-unit portfolio occurred in stages over the past two months due to having multiple sellers in addition to the off-market nature of the transaction. The properties are all located in close proximity to one another and will be re-branded and operated as one cohesive property. Additionally, Calvera will add community amenities and bring a modern design element to the properties. With San Jose State University one block away and with limited housing options, the properties stand to address an immediate need in the neighborhood. All properties will be professionally managed by Calvera Management, Inc.
David Saxe, managing principal, Calvera Partners, said, “This acquisition provides us with a critical mass of apartment units only one block from San Jose State University, which has a significant housing shortage. We’re excited to create a common brand amongst five scattered buildings that will appeal to the modern renter.”
The portfolio consists of 41 one-bedroom units and 4 two-bedroom units. There is ample off-street parking and a laundry facility at each property location. The properties are conveniently located blocks away from San Jose State University and within a mile of the McEnery Convention Center, the downtown business district, and the SoFA District. According to MPF Research, San Jose had year-over-year rent growth of 10.5% in 2014 demonstrating the strength of the submarket.
About Calvera Partners
Calvera Partners, LLC is a private real estate investment firm based in San Francisco, CA formed by Brian Chuck, Brian Milovich, and David Saxe. The company’s principals have been involved in transactions worth in excess of $1.0 billion in value since 2006. Calvera specializes in value-added investment opportunities in supply-constrained markets. For more information, please visit https://calveraprod.wpengine.com.
http://news.theregistrysf.com/calvera-partners-acquires-5-apartment-buildings-downtown-san-jose-ca/
Author
CONTACT
SAN FRANCISCO OFFICE:
2 Embarcadero Center, 8th Floor
San Francisco, CA 94111
MINNEAPOLIS OFFICE:
729 Washington Ave N, Suite 600
Minneapolis, MN 55401
Please subscribe me to the Calvera Insider.
GET INSIDER UPDATES
GET INSIDER UPDATES
© 2024 CALVERA PARTNERS
Performance data listed in this website or is otherwise provided by Calvera Partners, LLC, or its affiliates (“Calvera”) with respect to a particular property or project represents past performance calculated for the relevant project and does not purport to reflect the overall performance of any private funds managed by Calvera, which may include other projects, as well as charge additional fees or carried interest, or have additional expenses, which would reduce the overall performance of the project from the perspective of a fund investor. Past performance does not guarantee future results; Current performance may be lower or higher than performance data presented. Calvera is not required by law to follow any standard methodology when calculating and representing performance data; the performance of any of Calvera’s projects may not be directly comparable to the performance of other investment vehicles or funds; and qualified potential investors can contact Calvera Partners for more current performance data of any private funds managed by Calvera.
This website is provided for informational purposes only. Nothing contained in this material is an offer or solicitation to buy or sell any security. In addition, (i) any securities offered to investors that respond to any general solicitation or general advertisement made by Calvera, may be sold only to accredited investors; (ii) such securities will be offered in reliance on an exemption from the registration requirements of the Securities Act and such securities offered are not subject to the protections of the Investment Company Act or required to comply with specific disclosure requirements that apply to registration under the Securities Act; (iii) Neither the SEC, nor any state securities regulator, has passed upon the merits of or given its approval to any securities offered by Calvera, the terms of the offering, or the accuracy or completeness of any offering materials or the accuracy or completeness of any of the information or material provided by or through this website; (iv) the securities will be subject to legal restrictions on transfer and resale and investors should not assume they will be able to resell their securities; and (v) investing in securities involves significant risks, and investors should be able to bear the loss of their investment. Please click here for additional important disclosures.