Calvera Partners Expands Value-Add Portfolio
The company has acquired a vintage property in Alameda, Calif. The acquisition is part of its strategic investment plan to reposition old buildings.
Calvera Partners has purchased a 52-unit community in Alameda, Calif., for $16 million. This marks the company’s 12th and final acquisition for its current discretionary investment fund. The acquisition is part of Calvera Partners’ strategic investment plan to reposition vintage multifamily properties in the Bay Area. Moreover, a new fund, The Multifamily Transformation Fund, is scheduled to launch later this year.
(The City of Alameda and Alameda Point Partners broke ground last year on the $1 billion mixed-use Alameda Point Development.)
Located at 430 and 450 Buena Vista Ave., the community is near Interstate 880 and the BART, which offer convenient access to East Bay cities. The property is situated within 3 miles of downtown Oakland and around 14 miles from downtown San Francisco. Additionally, the area offers access to employment centers and schools, such as the College of Alameda, Nea Community Learning Center and Ruby Bridges Elementary School. Besides these, the community is also near Alameda Point Development, the city’s $1 billion mixed-use development featuring more than 600 units.
The three-story building was constructed in 1964, and the buyer plans to upgrade the landscaping, the communal areas and the units as well. In addition to this, the renovation will include structural and maintenance improvements and upgraded and rebranded property signage.