Home Finance Calvera Closes $31.6MM U.S. Multifamily Value-Add Investment Fund

Calvera Closes $31.6MM U.S. Multifamily Value-Add Investment Fund

Calvera, San Francisco, The Calvera Multifamily Transformation Fund, Terrace Cove, Villages of Chaple Hill
Courtesy of Benjamin Massello.

San Francisco — Calvera Partners, a national real estate investor and operator, is pleased to announce the closing of its latest multifamily value-add investment fund, The Calvera Multifamily Transformation Fund (“Fund 3”), with $31.6 million of equity commitments, surpassing its $30.0 million target. 

Fund 3 is earmarked to invest $100.0+ million in multifamily assets located in high-growth markets that have emerging technology or healthcare employment bases, and which benefit from highly educated workforces. Each acquisition utilizes Calvera’s proprietary “boutique” approach to the renovation and re-branding of apartment buildings, resulting in properties that include dynamic brands, modern aesthetics, and high-end tenant amenities. To date, Fund 3 has closed three transactions, approximating $85 million in total capitalization. Calvera has also raised an additional $10.5 million for sidecar investments in two of these acquisitions that include the 304-unit Terrace Cove in Austin, TX, and the 307-unit Villages of Chapel Hill in Carrboro, NC, located in North Carolina’s renowned “Research Triangle.”

“We are committed to investing in communities poised to experience significant growth,” said Calvera Managing Principal Brian Milovich. “Much like our acquisition in Austin, Texas, which has capitalized on the recent influx of people and companies such as Tesla into the metro, the Triangle is a growing tech-hub and preferred destination for those leaving high-cost coastal markets.” 

“The success of Fund 3 is a clear sign that Calvera has the experience and expertise to navigate market cycles and execute against our investment goals,” added Calvera Managing Principal David Saxe. “We appreciate the trust of our long-term investment partners and look forward to forging new relationships as we move forward.” Calvera is currently evaluating several properties in its pipeline and actively seeking additional opportunities to round out the Fund.

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.