Calvera Insights

Calvera Partners has returned to the San Francisco Bay Area as its primary focus. We’ve invested there for the past 16 years, many of our investors are located there, and we understand the market and see it change in real time.

What happens when supply overwhelms demand? Austin’s apartment market is a case study in how even good deals can go bad — and where opportunity may still exist.

AI will reshape the economy through job disruption, productivity gains, and policy responses. What those shifts could mean for apartment investors.

Welcome to our 2026 annual letter. Having a positive and deep Calvera investor relationship is our primary goal. The annual Calvera annual letters are an important part of this. 2025 was a lot like 2024, but we’ll outline the continued challenges, new surprises, and our thoughts for 2026 in this letter.

(NMHC) National Multi recap on multifamily real estate: capital is available, but confidence remains cautious. Insights on distress, rent growth, debt markets, and where economists see opportunity…

An exploration of whether value-add or opportunistic real estate deals carry more risk, and why today’s multifamily dynamics are challenging the traditional hierarchy.

2026 multifamily predictions: stable rent growth, flat apartment values, and a healthier, less volatile investment environment.

I used to think that politics only mattered for real estate developers. They’re the ones who need to convince cities to change zoning, grant exceptions, or provide subsidies. A run-of-the-mill apartment owner, I thought, didn’t need to worry much about politics. Boy, was I wrong.

In real estate today, exhaustion and optimism coexist. Some owners are ready to quit; others see their best buying window in years.

I always find property acquisitions fun, even if they’re stressful. There’s the thrill of finding a deal you believe in. Then there’s the psychology behind bidding. Once the deal is awarded, there’s both the joy of victory and the sobering thought of, “What did I get myself into?”