Calvera Partners targets and acquires underpeforming apartments in urban neighborhoods that exhibit high rental demand and limited supply. Within these markets, we seek out properties that show potential for increased income and value through boutique-style renovation, improved amenities, and effective leasing and management.

Grant Street Commons (Minneapolis, MN)

This 85-unit, 8-story, building located in downtown Minneapolis was acquired in 2017. The property will be re-branded and repositioned based on our boutique model to create a new rental niche in a burgeoning urban neighborhood.

pksl (Sunnyvale, CA)

Located in birthplace of video gaming, pksl was purchased in 2014 and transformed with inspiration from its surrounding technology heritage. Calvera sold the property in 2017 for an estimated gross IRR of 18.4%.

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The Stacks (San Jose, CA)

This collection of buildings just off the campus of San Jose State University was refreshed from 2015 to 2016 based on a college library concept with improved amenities and features.

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Maude Gardens (Sunnyvale, CA)

This 42-unit building was acquired in 2011 and is located close to downtown Sunnyvale and its Caltrain station. Calvera increased rental revenue by over 77% via renovations and leasing, and sold the property in 2016 for a gross IRR equal to 37.3%.

505 Columbia Avenue (Sunnyvale, CA)

Calvera purchased this five-unit building in October 2013 and combined its management with neighboring Maude Gardens for cost efficiencies. Revenue was increased by over 75% and in 2015 the property sold for a gross IRR to investors equal to 156.4%.

The Green House Apartments (Santa Clara, CA)

Calvera acquired this 14-unit building in 2012, and increased revenue more than 30% through leasing, renovations, and utility reimbursements. The company sold the property in 2014 for a gross IRR of 43.6%.

45 N. 8th Street (San Jose, CA)

In 2015, Calvera acquired this ~100-year old, 12-unit building in downtown San Jose for a below market price. The property recently underwent extensive structural upgrades, unit renovations and cosmetic improvements.

68 Topeka (San Jose, CA)

Purchased in 2011, this building is located near Santana Row, the shopping and dining destination of Silicon Valley. Significant renovations and a new management plan increased operating income by 30% before Calvera sold the property in 2012 for a gross IRR of 21.9%.