Brian D. Milovich

The World Cup has gone from skepticism to sold-out excitement almost overnight. Multifamily, by contrast, is still waiting for its tournament to begin. While capital sits on the sidelines and investors debate which markets will emerge as winners, the real kickoff won’t come until supply eases and rent growth returns.

With cap rates and interest rates at a standoff, the best multifamily strategy might be patience. How we’re using the slow market to become better buyers.

Bay Area apartments face fewer operational challenges than similar vintage properties elsewhere. Lower turnover, onsite managers, and simpler building systems reduce day-to-day risk. The result: less operational volatility and greater long-term predictability. Sometimes the smartest investment isn’t what you buy, it’s where.

What a Berkeley professor’s “AI fog” thesis means for real estate: shorter holds, looser leverage, and a case for optionality.

Multifamily borrowers aren’t just failing to refinance anymore. They’re running out of cash. Why term defaults are the most worrying signal of 2026.

Smaller firms are bringing property management in-house and at least one large firm is offloading its property management to a third party. There continues to be a growing divergence between small and large real estate firms. This isn’t an insignificant decision. There are huge costs involved. Aside from staffing a property management arm, the biggest cost is time. 

Iran has injected new uncertainty into a real estate market that was just finding its footing. A look at the inflation and interest rate risks investors need to watch.

Calvera Partners has returned to the San Francisco Bay Area as its primary focus. We’ve invested there for the past 16 years, many of our investors are located there, and we understand the market and see it change in real time.

What happens when supply overwhelms demand? Austin’s apartment market is a case study in how even good deals can go bad — and where opportunity may still exist.

AI will reshape the economy through job disruption, productivity gains, and policy responses. What those shifts could mean for apartment investors.