Reimagined Library-Themed Apartments Complex Nets 65% Gain for Calvera Partners’ Investors
National multifamily investment firm repositions “The Stacks” apartment community with modern amenities and a unique brand resulting in a successful exit
SAN FRANCISCO, CA–Calvera Partners, a national real estate investor and operator, is pleased to announce the sale of the final building at “The Stacks”, a six-building apartment community located just blocks away from San Jose State University. The properties, which comprised Calvera’s Fund 1, were sold between September 2018 and November 2021 for a combined $18.3 million, an 65% increase over the aggregate acquisition price of $11.1 million.
“When we acquired the buildings between December 2014 and October 2015, they required significant physical renovation—and an image upgrade for our target demographic, college students and recent graduates. Specifically, libraries, commonly known as “stacks”, are a mainstay of college life. With the buildings’ vertical design elements that resembled books on a shelf and the card catalog-like numbering of the building addresses, The Stacks brand is how we positioned this group of buildings to a community focused on higher education,” said Brian Chuck, Managing Principal at Calvera Partners.
Immediately adjacent to the campus of San Jose State University, with a student body of approximately 33,000, The Stacks was the transformation of six buildings all located within one block of one another. With a mission to reposition underperforming properties with creative, authentic brands and modern design, Calvera enhanced the property with features that appealed to college students and young tech employees, including new signage and color scheme, Wi-Fi, the conversion of an abandoned pool into an outdoor lounge with a barbecue grill and bocce ball, bike storage, an upgraded website and other outdoor amenities.
“Fund 1 resulted in a significant return for investors, another sign that Calvera has the experience and expertise to navigate market cycles and execute our investment goals,” added Calvera Managing Principal David Saxe. “We appreciate the trust of our long-term investment partners and look forward to forging new relationships as we move forward.”
The sale reflects Calvera Partners’ broader vision and business strategy, which is to provide accredited investors with direct access to multifamily real estate investment opportunities in high-growth markets. By repositioning underperforming properties, Calvera is able to attract tenants who value a modern aesthetic and practical amenities without the burden of “new construction” rents.
Calvera recently announced the closing of its latest multifamily value-add investment fund, The Calvera Multifamily Transformation Fund, with $43.1 million of fund and sidecar equity commitments, surpassing its $30.0 million target.
About Calvera Partners
Calvera is led by Managing Principals Brian Chuck, Brian Milovich, and David Saxe, all of whom previously worked for a ~$30 billion AUM institutional real estate fund manager where they were involved in over $1 billion of real estate transactions. Thr\ough its series of funds and individual acquisitions, Calvera has invested approximately $65 million of investor equity in 14 multifamily real estate transactions representing approximately 1,000 apartment units in four states.
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