Calvera Partners, LLC announced today that it has purchased 5 apartment buildings in downtown San Jose, CA through an affiliated entity. Closing of the 45-unit portfolio occurred in stages over the past two months due to having multiple sellers in addition to the off-market nature of the transaction. The properties are all located in close proximity to one another and will be re-branded and operated as one cohesive property. Additionally, Calvera will add community amenities and bring a modern design element to the properties. With San Jose State University one block away and with limited housing options, the properties stand to address an immediate need in the neighborhood. All properties will be professionally managed by Calvera Management, Inc.
David Saxe, managing principal, Calvera Partners, said, “This acquisition provides us with a critical mass of apartment units only one block from San Jose State University, which has a significant housing shortage. We’re excited to create a common brand amongst five scattered buildings that will appeal to the modern renter.”
The portfolio consists of 41 one-bedroom units and 4 two-bedroom units. There is ample off-street parking and a laundry facility at each property location. The properties are conveniently located blocks away from San Jose State University and within a mile of the McEnery Convention Center, the downtown business district, and the SoFA District. According to MPF Research, San Jose had year-over-year rent growth of 10.5% in 2014 demonstrating the strength of the submarket.
About Calvera Partners
Calvera Partners, LLC is a private real estate investment firm based in San Francisco, CA formed by Brian Chuck, Brian Milovich, and David Saxe. The company’s principals have been involved in transactions worth in excess of $1.0 billion in value since 2006. Calvera specializes in value-added investment opportunities in supply-constrained markets. For more information, please visit http://www.calverapartners.com.