Calvera – Common Questions and Answers

Calvera Partners is a real estate investment and advisory firm founded in 2010 by Managing Principals Brian Chuck, Brian Milovich, and David Saxe. We invest in multifamily properties in markets where our asset management expertise and local knowledge have consistently produced strong returns for investors.

Collectively, Brian, Brian, and David have been involved in over $1 billion of real estate transactions. Before founding Calvera, they worked for an institutional real estate fund manager with approximately $30 billion in assets under management.

Calvera gives investors direct access to high-quality, often hard-to-find multifamily opportunities in markets with strong growth potential.

We reposition underperforming properties through creative branding, modern design, and value-added amenities that enhance the resident experience while still offering meaningful value compared with new construction. This approach differentiates our communities and creates lasting appeal in each market we invest in.

We focus exclusively on multifamily properties. Our team renovates, repositions, and improves operations using a design-driven approach that increases tenant demand and asset value.

We target submarkets that offer:

• Limited new supply
• High quality of life
• Strong educational attainment
• Meaningful presence of sectors such as technology, healthcare, biotech, aerospace, and/or entertainment
• Established community infrastructure and amenities

Representative markets include the Bay Area, Los Angeles, Orange County, San Diego, Seattle, Austin, Dallas, Fort Worth, and Raleigh-Durham.

We leverage a broad network of brokers, property managers, vendors, and owners to identify assets that fit our repositioning strategy and meet targeted returns.

Multifamily investments tend to:

• Offer lower volatility than other property types
• Spread vacancy risk across many tenants
• Be easier to finance with diverse loan options
• Provide a potential inflation hedge, as rents can reset annually (subject to local laws)
• Benefit from growing renter demand and housing affordability challenges

Our offerings are open to accredited investors only, as defined by Rule 501 of Regulation D under the Securities Act of 1933. An individual qualifies as accredited if they:

• Earned more than $200,000 annually (or $300,000 with a spouse) in each of the past two years and expect to do so again this year, or
• Have a net worth over $1 million, excluding their primary residence

All investors must provide a third-party verification letter from a licensed attorney, CPA, registered investment adviser, or broker-dealer. We also offer access to a trusted verification service to streamline the process.

Yes, in most cases. Certain restrictions may apply. Please contact us for details.

Distribution timing varies by investment, but Calvera typically targets quarterly distributions once a property has stabilized.

Hold periods depend on each property’s business plan and market conditions. On average, we project a five- to seven-year hold but may sell sooner if an attractive offer arises.

Investors receive an IRS Schedule K-1 each year for partnership reporting. Calvera aims to distribute K-1s by March 31 following the close of the tax year.

Investors receive quarterly updates on portfolio performance and annual financial reports for each investment. Through our Juniper Square online portal, investors can securely access investment documents, reports, and performance information at any time.

Real estate investments offer non-cash deductions such as depreciation and amortization, which can offset taxable income even when a property generates positive cash flow. In early years, renovation costs often result in taxable losses despite strong operating performance.

We appreciate your interest in Calvera Partners. Please contact us for more information or call 844.322.7900.