Sunnyvale, CA (PRWEB) January 10, 2014
Calvera Partners, LLC today announced that it has purchased a 37-unit apartment building at 1090 Sunnyvale Saratoga Road in Sunnyvale, CA through an affiliated entity. Calvera intends to re-brand the property, modernize the building, and address existing operating inefficiencies to add value to the property. The property will be professionally managed by Calvera Management, Inc. This acquisition is the fifth purchase for Calvera Partners in Silicon Valley, where it has been successfully transforming apartment properties since 2011. Debt financing was provided by the local office of JPMorgan Chase, with whom Calvera has financed multiple transactions. Also, Martinkovic Milford Architects of San Francisco has been engaged by Calvera for design collaboration.
David Saxe, managing principal, Calvera Partners, said, “This acquisition complements our growing Silicon Valley portfolio and we’re excited to deliver a product geared towards the tech-savvy renter base.”
The property is in good condition and has a superior unit mix with 9-studios, 11-1BR, 15-2BR, and two large house-like 3BR units. It also has adequate off-street parking, bike storage, and a swimming pool. Residents of the property have convenient access to downtown Sunnyvale and major employers such as Apple, Yahoo!, LinkedIn, and Lockheed Martin. According to RealFacts, Sunnyvale had year-over-year rent growth of 7.8% and a vacancy rate of 4.5% through the third quarter of 2013 demonstrating the continued 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.