Fund Overview

Learn about our new Dallas Acquisition


Product type




Core Plus/Value Add


Investment return target


net leveraged IRR


Target Fund Size


no upward bound




lesser amounts may be accepted


Investment objective

Income and Growth


Target Yield

4–6% of NAV3

per annum




A new long-term, cash flow-
focused opportunity.

Calvera believes that high-quality real estate should be owned for the long-term. The Calvera Income and Growth Fund’s long-term strategy and perpetual fund structure mean that taxable gains can be deferred indefinitely, all while keeping investor money working, ideal for those who seek a tax-efficient, wealth-building strategy.4


Attractive investment opportunity.

Calvera strongly believes in the multifamily sector of the national real estate market due to positive demographic shifts, inflationary pressures, and the relative risk/reward of apartment investments.

Strong current cash flow potential.

The Calvera Income and Growth Fund is targeting investments that typically generate an attractive risk-adjusted level of current cash flow. The Manager anticipates commencing quarterly distributions to investors shortly after making the first investment.3

Proven Performance

Strong track record.

Through its series of funds and individual property acquisitions, Calvera has invested more than $73 million of investor equity in transactions totalling more than $170 million in acquisition cost.5

Invested more than


Investor equity in transactions


Experienced team.

Collectively the Principals, who all received their MBAs from the Haas School of Business at UC Berkeley, have over 60 years of direct real estate investment and financial services experience and have worked through multiple economic cycles throughout the course of their careers.

We see upside opportunity and
practice active ownership.

Here's how we do it:

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    bought at a discount. We seek to acquire the most desirable assets available in growing markets.

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    with sustainable and technological upgrades. We prioritize property improvements based on what we believe will lead to the highest ROI.

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    across the portfolio in an effort to maximize tenant awareness, provide cost efficiencies from scale, and introduce a differentiated product.

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    as we may endeavor to sell properties in bulk or take the Calvera Income and Growth Fund public.


We invest in communities we believe are poised to thrive.

Calvera_Desired_Locations_Map 1

Austin, Charlotte, Dallas-Fort Worth, Denver, Nashville, Phoenix,
Raleigh/Durham, and Salt Lake City.6


Perpetual Fund Life

The Calvera Income and Growth Fund will be structured as an evergreen investment fund rather than a closed-end fund, which will allow us to take a longer-term view of the multifamily sector.


Investor-Friendly Structure

The Calvera Income and Growth Fund intends to own some or all of its assets through one or more subsidiaries that would each elect to be treated as a REIT for federal income tax purposes.4


Proven Strategy

The Calvera Income and Growth Fund will encompass Calvera’s repeatable investment process to acquire, improve, extract value from, and hold an institutional-quality portfolio over the long-term.

Download our fund
overview for more details.


2 Embarcadero Center, 8th Floor
San Francisco, CA 94111

729 Washington Ave N, Suite 600
Minneapolis, MN 55401




1. The GP will target quarterly distributions to each Limited Partner of approximately 4% to 6% per annum of the NAV of such Limited Partner’s Interests. For the avoidance of doubt, the amount of Current Distributions may be lower than such target, especially during any ramp up period. The risk of loss always exists and there can be no assurance that any targeted returns (e.g., targeted yields) will be obtained. 

2. The General Partner reserves the right to accept aggregate Capital Commitments of a greater or lesser amount in its sole discretion.  There is no guarantee that the Calvera Income and Growth Fund will raise its target commitments. 

3. Investment return targets are presented only for comparative purposes and as a guide to assist prospective investors in evaluating the investment strategy of the Calvera Income and Growth Fund and its implicit risk/reward ratio. For the avoidance of doubt, such investment return targets are not intended to reflect a target return at the Calvera Income and Growth Fund level (i.e., a projected IRR for an LP), but instead are intended to indicate the investment returns that the Manager expects to target when underwriting a potential investment. Investment return targets are subjective determinations by the Manager based on a variety of factors that the Manager considers relevant, such as the historical performance of other similar investments, investment vehicles and strategies, and leverage and market conditions. Investment return targets do not reflect either actual past performance or a guarantee of future performance. There can be no assurance that any investment return target will be met. 

4. Any information provided on this website is based on our understanding of current tax law. You are strongly urged to consult your tax advisors prior to investing in the Calvera Income and Growth Fund as to, among other things, the advisability of investing in the Calvera Income and Growth Fund, the tax consequences of any such investment, and the tax treatment of the Calvera Income and Growth Fund’s investment strategy. Calvera disclaims all responsibility for any tax treatment or tax consequences. Calvera is not responsible for updating any information contained herein based on changes in law or interpretation after the date hereof. 

5. Includes investments that have been sold. 

6. The Calvera Income and Growth Fund will target additional markets on an opportunistic basis. 

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.