Sunnyvale, CA (PRWEB) October 20, 2011
Calvera Partners, LLC today announced that it has purchased a 42-unit garden-style apartment building at 524 E. Maude Avenue in Sunnyvale, CA through an affiliated entity. Calvera intends to upgrade select unit interiors and address existing operating inefficiencies to add value to the property. With the closing of the transaction, the property will be re-named Maude Gardens. This acquisition is the second this year out of Calvera Partners’ inaugural investment fund. Calvera has raised equity capital from high net worth individuals across the country. Debt financing for Maude Gardens was provided by Deutsche Bank Berkshire Mortgage who originated a 7-year loan from Fannie Mae.
David Saxe, Managing Principal at Calvera Partners, said, “This off-market acquisition in one of Silicon Valley’s premier submarkets represents an opportunity to purchase a highly visible property at a favorable basis in one of the fastest growing markets in the country.”
The property is in exceptional condition and boasts new double-paned windows and exterior paint, professional landscaping, abundant parking, and a large swimming pool. Residents of the property have convenient access to major employers in Sunnyvale such as Google, Yahoo!, Advanced Micro Devices, and Lockheed Martin. According to RealFacts, Sunnyvale had year-over-year rent growth of 17.6% and a vacancy rate of 2.3% through the second quarter of 2011 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 in 2010 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.