“Investors in Terrace Cove received an exceptional return from the sale in a short period of time.", according to Calvera Managing Principal David Saxe."
SAN FRANCISCO (PRWEB) January 10, 2023
Calvera Partners, a national real estate investor and operator, is pleased to announce the sale of Terrace Cove, a 304-unit apartment complex in Austin, TX. The property was part of Calvera’s Multifamily Transformation Fund, initially launched in 2019.
“When we acquired the property in February 2020, we had a grand vision to fully rebrand and renovate the asset in-line with Calvera’s typical business plan. Just over a month later we had to navigate the pandemic lockdown and a very challenging operating environment. It is a testament to our nimble approach to operations and conservative underwriting that in spite of these headwinds we were able to successfully exit this investment four years earlier than projected for a significant return to investors,” said Brian Milovich, Managing Principal at Calvera Partners.
Located in South Austin, Terrace Cove is a 304-unit garden style apartment property built in 1986. Conveniently located near I-35, Terrace Cove gives residents easy access to downtown Austin and entertainment districts such as South Congress, South 1st, and South Lamar. During Calvera’s ownership, numerous capital projects were completed, including a complete roof replacement, a full modern exterior repaint, a remodeled fitness center including all new equipment, and landscaping updates throughout.
“Investors in Terrace Cove received an exceptional return from the sale in a short period of time. Considering the whipsaw market conditions during our ownership, we have proven once again that our approach to real estate investing can produce outstanding returns to investors across market cycles,” added Calvera Managing Principal David Saxe.
Calvera Partners’ broader vision and business strategy is to provide accredited investors with direct access to multifamily real estate investment opportunities in high-growth markets. This sale demonstrates how repositioning underperforming properties can attract tenants who value modern design and practical amenities without the high cost of “new construction” rents, leading to a successful return for investors.
Shortly, Calvera will announce the launch of a new long-term, tax-efficient fund with a focus on high-growth markets such as Austin, TX. This new investment vehicle is geared towards accredited investors who value current cash flow but also seek asset appreciation from Calvera’s approach to apartment investing through repositioning, branding, and market selection.
About Calvera Partners
Calvera is led by Managing Principals Brian Chuck, Brian Milovich, and David Saxe, all of whom previously worked for a ~$30 billion AUM institutional real estate fund manager where they were involved in over $1 billion of real estate transactions. Through its series of funds and individual acquisitions, Calvera has invested approximately $65 million of investor equity in 14 multifamily real estate transactions representing approximately 1,000 apartment units in four states.