Calvera Partners Picks Up Sunnyvale Apartments
Calvera Partners LLC has acquired a 42-unit apartment complex in Sunnyvale for an undisclosed amount.
San Francisco-based Calvera plans to upgrade certain unit interiors by installing hardwood floors, new appliances and updating kitchen countertops. Once renovations are complete, Calvera plans to rename the property “Maude Gardens.”
Located at 524 E. Maude Ave., the complex was fully leased at the time of closing, according to David Saxe, managing principal of Calvera Partners.
Saxe declined to provide more specifics about the deal other than to say the seller was a private partnership and that it was an off market transaction, meaning the complex was not being marketed for sale.
The buy represents Calvera’s second purchase this year out of its inaugural investment fund. Its first was the purchase of a San Jose complex.
Calvera was founded in early 2010 and is actively looking for more acquisition opportunities throughout the Bay Area and major urban markets across the country, Saxe said.
“Because of the rapid growth in Silicon Valley and my family’s ownership history in the Bay Area, we’ve been able to find attractive acquisition opportunities where in-place rents are significantly below market,” Saxe said.
Deutsche Bank Berkshire Mortgage, which originated a seven-year loan from Fannie Mae, provided debt financing for the acquisition.
Sunnyvale had year-over-year rent growth of 14.3 percent and an occupancy rate of 96.3 percent through the 2011 third quarter, according to RealFacts.
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