Calvera Insights

What’s in a name?

By Brian D. Milovich / June 12, 2024

Our company name, Calvera Partners, has two meanings—both relating to our studies at the University of California, Berkeley’s Haas School of Business. First, the “Cal” in Calvera is the nickname for UC Berkeley. “Vera” is our abbreviation of the Latin word, veritas, for truth. To us, Calvera represents “True Cal.” Second, for astronomy buffs, Calvera…

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How many units do you own?

By Brian D. Milovich / May 28, 2024

That question is common in the multifamily industry, but not a good measure of success. An individual with a 200-unit portfolio in the high-cost Bay Area is likely worth more than a syndicator who did joint ventures to amass 10,000 units. Instead, I’d rather ask questions like: Where are you investing? What’s your strategy to generate higher returns? What type of leverage do you use to finance acquisitions? From this, I can learn something.

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Digging into Austin

By Brian D. Milovich / May 2, 2024

Choosing the right market to invest in is critical to the success of an apartment investment. We’ve experienced it firsthand. The pandemic knocked down high-flying areas like the San Francisco Bay Area and accelerated markets like Austin, TX. Yet that’s not the whole story. An otherwise great market can have poor performing submarkets. That’s happening…

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How to Invest Like the Pros

By Brian D. Milovich / April 16, 2024

We were once told that you can’t make money in apartments. That’s what a capital provider said in 2010 when we formed Calvera. He was wrong. Apartments still provide the best risk-adjusted return among all major property types. And the cash flow it generates provides some downside protection.

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Opportunity Costs of Cash

By Brian D. Milovich / March 28, 2024

If you missed the runup in the S&P (or Bitcoin), how can you position yourself to take advantage of a recovery in the real estate market? Apartment values have already declined 20-30% since 2022. Since 1978, institutional real estate has returned, on average, 9.3% per year on rolling 10-year hold periods. It has also never had a negative return viewing the data this way. And the lowest 10-year return was 6.1%.

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Winning the Deal

By Brian D. Milovich / March 13, 2024

Today, real estate investing is wrapped up in Excel spreadsheets. Investors become economists and believe they can predict interest rates and rent growth. They also think the more complex the model, the easier it is to justify an improbable assumption. Many investors have forgone common sense, cash flow-based models, and opted to rely on appreciation.

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Answers to Three Questions Investors Are Currently Asking Us

By Brian D. Milovich / March 1, 2024

1. What differentiates Calvera Partners from other private equity firms in the multifamily real estate space?

It’s no secret some of the biggest real estate companies also have evergreen investment funds. However, our boutique size allows us to have tailored business plans for each asset. We can devote the time necessary to ensure our vision is implemented. This approach, we believe, will translate to better investment returns for our investors. Click here to see the rest.

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2024 Calvera Partners Investor Letter

By Brian D. Milovich / February 29, 2024

Having a positive and deep Calvera investor relationship is our primary goal. Strong multifamily real estate returns are only one part of the relationship. Through transparency, accessibility, and thought leadership, we seek to enhance the bond with our investors. The annual Calvera investor letters are an important part of this. You can access it here.

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Urban Investing Challenges Create Upside

By Brian D. Milovich / February 12, 2024

Urban investing has always been challenging. Usually, it involves investing in an up-and-coming city pocket. Developers work in tandem to create new neighborhoods. Restaurants, bars, and retail shops open as new amenities. Adventurous people move into apartments and condos to give the neighborhood a soul. Everything feeds off of one another to generate a palpable energy. This is what makes urban areas great.

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Top 4 Takeaways from the 2024 NMHC Apartment Strategies Conference

By Brian D. Milovich / February 9, 2024

Thousands of real estate professionals descended upon San Diego to attend the NMHC Apartment Strategies Conference and Annual Meeting. There, a distinguished lineup of multifamily experts provided insight. Here are four main takeaways from the conference.

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