Author Archives: ipgocorp

Multifamily Investor Sells Apartment Community in Hot Silicon Valley Market for Significant Gain

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SUNNYVALE, CA – Calvera Partners announced that it has sold the 42-unit Maude Gardens apartment building in Sunnyvale, CA for $14.8 million ($352,000/unit) to an undisclosed buyer. Calvera bought the property in 2011 for $6.05 million.

Upon taking ownership, Calvera re-branded the property and initiated their repositioning strategy under which they renovated the vast majority of the apartment units with new flooring, stainless steel appliances, granite countertops, and modern fixtures, remodeled the office, breezeway, and laundry room, upgraded the pool area, modernized the signage, repaved the parking lot, and implemented an online tenant portal. After increasing monthly revenue by 80% over the past 4.5 years, the building was well positioned for sale.

David Saxe, managing principal, Calvera Partners, said, “This sale represents the culmination of a successful business plot for our investors. We bought Maude Gardens at a hard time in the market and believed that through targeted renovations we’d capitalize on the improving job and demographic trends in Sunnyvale. This transaction from buy to sale demonstrates Calvera’s disciplined approach to real estate investing.”

Built in 1958 and renovated over the past four years, Maude Gardens features 40 one-bedroom units, 1 two-bedroom unit, and 1 studio unit. Located at 524 E. Maude Avenue in Sunnyvale, CA, units feature upgraded kitchens, baths, cabinetry, stainless-steel appliances, wood plank and/or carpeted flooring, and lush landscaping.

Calvera Partners is a private real estate investment firm based in San Francisco, CA formed by Brian Chuck, Brian Milovich, and David Saxe. The company’s principals have been involved in transactions worth in excess of $1.0 billion in value since 2006. Calvera specializes in value-added investment opportunities in supply-constrained markets.

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Senate Banking Committee Chair Asks GAO and CBO to Examine GSEs

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(RECAP: Yesterday, Senate Banking Committee Chair Richard Shelby (R-AL) requested that both the Government Accountability Office (GAO) and the Congressional Budget Office (CBO) compose reports on matters relating to the Federal Housing Finance Agency (FHFA) and the government-sponsored enterprises (GSEs), Fannie Mae and Freddie Mac. In a press release announcing the requests, Shelby suggests that the reports will help Congress adequately oversee FHFA and the GSEs and, “ensure that Congress takes steps to protect American taxpayers from risk.” Shelby questions that CBO complete its report by July, and that GAO try its best to end its work, which Shelby anticipates will include multiple reports, by November 1.)

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Fed’s Kashkari says U.S. economy in ‘uncharted waters’

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(RECAP: Minneapolis Fed President Neel Kashkari said Monday the U.S. economy is in “uncharted waters.” suggesting he backs Fed Chairwoman Janet Yellen’s cautious approach to monetary policy. “Chair Yellen has been bringing real creativity and real open-mindedness to how we approach monetary policy. That’s the right thing for the country,” Kashkaria said. International developments have to be part of the calculus of Fed interest-rate decisions, the Minneapolis Fed president said.)

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