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5/23/19
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Calvera Partners has acquired a 52-unit apartment building in Alameda for $15.95 mil ($307k/unit), in a deal that marks the final acquisition for the firm’s current discretionary investment fund. The purchase is part of Calvera’s ongoing commitment to the repositioning of vintage multifamily properties in the Bay Area.
Constructed in 1964, the three-story building is located at 430 and 450 Buena Vista Ave, west of Webster St and north of Central Ave. The property will be rebranded with new signage, refreshed landscaping and common areas, and will include comprehensive upgrades to individual units. The renovation will also address deferred maintenance issues and structural improvements.
“This property represents an excellent fit with our investment strategy,” said Calvera Managing Principal Brian Chuck. “Our goal is to identify well-located properties with untapped value that can be realized via our creative repositioning and disciplined management.”
Alameda is a family-friendly community known for its recreational beaches and proximity to major employment centers. The property is close to downtown Oakland (2.5 miles) and San Francisco (20-minute ferry ride) and offers convenient access to other East Bay cities via Interstate 880 and BART, both of which are within a few miles of the property.
Moreover, the property is within walking distance of one of Alameda’s main thoroughfares with neighborhood restaurants and retail. In addition, the immediate neighborhood has seen significant institutional apartment investment in the last 18 months. It is also near the 1,500-acre Alameda Point Development, one of the largest development projects in the Bay Area, which includes 673 housing units, funding for a new ferry terminal, and 93k sf of retail.
The Alameda property is Calvera’s 12th acquisition in CA. With the current fund now fully invested, a new fund, The Multifamily Transformation Fund, is scheduled to launch later this year.
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