Calvera Partners Closes $ 18.3 Million Sale of Stacks Library-themed Apartments Adjacent to San Jose State University


SAN JOSE, CA – Calvera Partners, a national real estate investor and operator, is pleased to announce the sale of the latest building from “The Stacks”, a six-building apartment community located a few blocks from the University of San Jose State. The properties, which were included in Calvera Fund 1, were sold between September 2018 and November 2021 for a combined total of $ 18.3 million, a 65% increase over the aggregate purchase price of 11. , $ 1 million.

“When we acquired the buildings between December 2014 and October 2015, they required a significant physical renovation and image upgrade for our target population, students and recent graduates. More specifically, libraries, commonly referred to as “stacks”, are a mainstay of university life. With the vertical design elements of the buildings that looked like books on a bookshelf and the numbering of the buildings’ addresses, similar to a index card catalog, The Stacks branding is how we positioned this group of buildings in a community driven community. on higher education, ”said Brian Chuck, Managing Director at Calvera Partners.

Immediately adjacent to the San Jose State University campus, with a student body of around 33,000, The Stacks was the transformation of six buildings, all located within a one-block radius. With a mission to reposition underperforming properties with creative, authentic brands and modern design, Calvera has upgraded the property with features appealing to students and young tech workers, including new signage and a new color scheme, free Wi-Fi, an upgraded website, and the conversion of an abandoned swimming pool into an outdoor lounge with a barbecue and bocce ball, bicycle storage, and other outdoor amenities.

“Fund 1 has generated a significant return for investors, another sign that Calvera has the experience and expertise to navigate market cycles and achieve our investment objectives,” added the CEO of Calvera, David Saxe. “We are delighted to be able to close this fund now at a very attractive price and to match our investment partners, most of whom have been with us since our first trade and beyond. “

The sale reflects Calvera Partners’ broader vision and business strategy, which is to provide accredited investors with direct access to multi-family real estate investment opportunities in high growth markets. By repositioning underperforming properties, Calvera is able to attract tenants who value modern aesthetics and practical amenities without the burden of “new construction” rents.

Calvera recently announced the closing of its latest multi-family value-added investment fund, The Calvera Multifamily Transformation Fund, with $ 43.1 million in fund and equity commitments, exceeding its target of $ 30.0 million. dollars.

About Calvera Partners: Calvera is headed by Managing Directors Brian Chuck, Brian Milovich and David Saxe, all of whom previously worked for an approximately $ 30 billion institutional real estate fund manager where they were involved in over $ 1 billion in real estate transactions. Through its series of funds and individual acquisitions, Calvera has invested approximately $ 65 million of investor equity in 14 multi-family real estate transactions representing approximately 1,000 apartments in four states.


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