San Jose Apartment Complex is Bought in Deal That Shows Higher Values

Six-decade-old residential property is in prestigious Willow Glen district

SAN JOSE — An apartment hub in San Jose’s Willow Glen district has been bought in a deal that runs counter to the pattern of a growing number of instances of weaker values for multifamily residential properties.

Calvera Partners, acting through an affiliate, paid $26 million for an 88-unit complex known as The Glens Apartments at 1514, 1515 and 1533 Alta Glen Dr., according to documents filed on Sept. 4 with the Santa Clara County Recorder’s Office.

The purchase price was 44% above the property’s value of $18 million as of January, according to the Santa Clara County Recorder’s Office.

The residential property was bought for a per-unit price of roughly $295,500.

This per-unit metric was considerably lower than some recent prices paid for apartment properties, including the $370 million purchase of the Park Kiley multifamily residential hub at 355 Kiley Rd. in San Jose in August. That deal worked out to $390,300 a unit and was the largest apartment property transaction in Santa Clara County so far this year by dollar amount.

Calvera Partners, the new owner of The Glens Apartments, is a real estate investment firm that was founded by Brian Chuck, Brian Milovich and David Saxe, real estate executives who came to know each other through their attendance at UC Berkeley’s Haas School of Business. They also were members of the Berkeley Real Estate Club and stayed in touch post-Haas, according to a post on the Calvera website.

San Francisco-based Calvera Partners believes now is a good time to jump into buying apartment buildings despite considerable uncertainties about the market, especially in downtown Oakland.

“Silicon Valley is showing strong signs of resurgence, and Willow Glen is one of its most coveted communities,” said Chuck, managing principal executive with Calvera Partners. “This acquisition reflects our ability to source and secure attractive opportunities, even in competitive markets, by leveraging our deep experience operating multifamily assets in the region for more than 15 years.”

Rising interest rates have caused apartment values to decline by up to 30% from the peak they had reached in early 2022, according to Calvera Partners.

Certain market dynamics could propel currently depressed apartment values higher, whic could make purchases an attractive proposition.

“We believe that a drop in new apartment construction will create booming demand and higher rents in six to 12 months,” Calvera said.

Calvera intends to address deferred maintenance at The Glens, as well as

completion of seismic and electrical upgrades. The new owner also aims to selectively renovate unit interiors to capture additional rental upside.

Rents in San Jose have grown 3.8% year-over-year as of the April-through- June second quarter of 2025, Calvera Partners estimates. The still-innovative tech sector has helped to propel sturdy rental trends. Plus, occupancy levels top 96%, and a lack of construction has constrained new supply, which also could bolster rental levels, according to Calvera.

The Glens consists of three buildings on their own parcels. Calvera intends to eventually position these buildings for individual sales to private buyers.

Calvera has invested about $95 million into 19 apartment property transactions that represent roughly 1,400 apartment units in four states. These properties have a combined value of $220 million.

“The Glens represents exactly the type of opportunity we target: well-located, underperforming assets where we can apply our value-add expertise to generate strong returns for investors,” said Saxe, a managing principal executive at Calvera.

Source: https://www.mercurynews.com/2025/09/05/san-jose-home-build-property-house-apartment-economy-real-estate/