pksl is a 37-unit, 1960s-era apartment complex purchased by Calvera Partners in 2014. Formerly named Crestview Terrace, the property is located in Sunnyvale, the birthplace of modern video gaming and a Silicon Valley hub home to multiple technology companies. With a goal of appealing to a renter demographic of tech workers, we refreshed and rebranded the community with a design evoking the original Atari gaming console and the pixilated characters of early computer graphics.
Creative motifs were incorporated into the renovation and brand identity to capture a living experience that was locally-based. These included wood grain finishes and an orange and black color scheme (symbolizing Atari), plus block elements (for pixilation) that became part of the apartment interiors, communal spaces and amenities. Unit improvements included remodeled kitchens and baths, and new flooring, lighting fixtures and electrical. Exterior work included new paint colors, wood-enclosed balconies and patios, a reimagined lobby lounge, secure entry, drought-tolerant landscaping, dual pane windows, monument signage, and lighting. New amenities were carefully chosen to resonate with renters, such as a refreshed pool area with outdoor art, bicycle storage, dog-friendly courtyard, and WiFi equipped lobby lounge.
Calvera sold the property in 2017 for an estimated gross IRR of 18.4% and a gross multiple of 1.8x.