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9/08/25
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Calvera Partners purchased The Glens, an 88-unit, three-property apartment community located in San Jose's prestigious Willow Glen neighborhood, for $26 mil ($295k/unit). The property is located at 1514, 1515 and 1533 Alta Glen Dr, north of Hamilton Ave and east of Meridian Ave.
The Glens features large floorplans, with 75% of units offering two-bedroom/two-bath layouts, and sits in a neighborhood with a median home price of $2 mil. The portfolio provides both immediate cash flow and significant long-term upside, with an all-in basis well below replacement cost.
Calvera's business plan for the asset includes addressing deferred maintenance, completing seismic and electrical upgrades, enhancing curb appeal, and selectively renovating unit interiors to capture additional rental upside. The three buildings will ultimately be positioned for individual sales to private buyers, creating flexibility in exit strategies.
Rents in San Jose have grown 3.8% year-over-year as of Q2 2025, driven by robust job growth and the region's continued leadership in AI and technology. With occupancy levels exceeding 96% and constrained new supply, the local multifamily market is poised for further growth.
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