Case Study
pksl
Sunnyvale, CA
Calvera Partners capitalized on a unique opportunity to reimagine a Sunnyvale, California, property into a "retro-techno" residence in the epicenter of Silicon Valley. Backed by a creative vision, and inspired by some of today's most imaginative boutique hotels, Crestview Terrace was transformed into pksl (pronounced "pixel") apartments. Refining a building erected in 1960, the refreshing new design reflects a proximity to the birthplace of modern video gaming with a nostalgic design that echoes the wood grains and color schemes of the original Atari 2600 gaming console, as well as block-like elements of the game's pixelated characters.
Improvements
Acquisition: $8,325,000 (January 2014)
Units: 37 total units - nine studios, eleven 1BR/1BA, fifteen 2BR/1BA, two 3BR/2BA
Renovation Budget: $2,500,000
Results: Increased total rental income by 83% prior to selling the asset for a net IRR of 18.7% and a net multiple of 1.8x
Condo-quality kitchens
New tenant amentity space
Designer mural
CONTACT
SAN FRANCISCO OFFICE:
2 Embarcadero Center, 8th Floor
San Francisco, CA 94111
MINNEAPOLIS OFFICE:
729 Washington Ave N, Suite 600
Minneapolis, MN 55401
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