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11/14/17
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Calvera Partners has acquired Monroe Villa, a 20-unit vintage apartment building in Mountain View, in a recent $7.26 mil ($363k/unit) transaction. The property, located at 565 Escuela Ave, represents Calvera’s eleventh acquisition in Silicon Valley and second acquisition in its fully-discretionary real estate investment fund targeting underperforming apartment properties in emerging urban neighborhoods across the country.
Located in the heart of Silicon Valley, equidistant between downtown Mountain View and the San Antonio Shopping Center, the 1963-built property offers residents convenient access to destination shopping, dining, entertainment and key transportation hubs with close proximity to several major technology employers, including Google, LinkedIn and Microsoft.
“The prime Mountain View location paired with its boutique size and vintage charm makes this acquisition a great fit for our Silicon Valley portfolio and overall national investment strategy,” said Brian Chuck, Managing Principal at Calvera Partners. “We plan to bring this mid-century apartment building into this era with strategic capital improvements and quality modern upgrades that will provide an enhanced living experience for current and future residents.”
Calvera improves each community in its portfolio with a rebranding and repositioning strategy that is unique to each asset and draws inspiration from the boutique hotel industry. For this property, Calvera intends to implement:
– Professional Property Management – Previously managed by the seller, Calvera will put in place a new professional property management firm to improve the operations.
– Design – Calvera will work with its design partners to reimagine the community concept and give the property a unique brand to better cater to its residents.
– Unit Renovations – Eight units were vacant at closing, and those will be renovated to a modern standard. Updates may include modern paint schemes, new wood-like flooring, LED lighting, quartz or granite counters, new interior fixtures and cabinet/door hardware
– Community Improvements – The building re-design will include updating façade, landscaping and entry portal, refreshing the central courtyard space and installing new building signage and wayfinding.
“Mountain View is arguably the heart of Silicon Valley and one of the premier rental markets in the Bay Area,” said Brian Chuck, Managing Principal at Calvera Partners. “Monroe Villa represents an opportunity for us to provide our residents with good value - they will benefit from the property’s proximity to jobs, transportation and neighborhood amenities as well as some of the modern features found in the new apartment communities in the neighborhood, at a lower price point relative to the newer buildings.”
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