Calvera Partners Begins National Expansion
- Jun 08, 2017
Calvera Partners, a California-based real estate investment firm, has acquired Grant Street Commons, an 85-unit community located in downtown Minneapolis. The $11.4 million deal is the first in Calvera’s national expansion into emerging urban markets.
Located at 515 E. Grant St. in downtown Minneapolis, the 1984-built property is within walking distance to light rail transit, Target Fields, U.S. Bank Stadium and the award-wining Guthrie Theater. The eight-story building features studios, one- and two-bedroom units averaging 737 square feet. Common amenities include a fitness center, a clubhouse, community room, laundry facilities, recreation room and an indoor heated parking available for an extra fee. Grant Street Commons is also pet friendly.
Calvera plans to rebrand and reposition the community, after modernizing the common areas and unit interiors. According to Yardi Matrix, the multifamily property last traded in 2015, when Weber Properties acquired it for $8.5 million. The community was 93.8 percent occupied as of April.
“We chose Minneapolis as our first city outside of California because we think the Twin Cities is still a well-kept secret across the country,” Brian Milovich, managing principal at Calvera Partners, said in a prepared statement. “It is densely populated, showing steady growth, has major attractions and large businesses, and most importantly, a desire for urban living. The city and developers alike have invested millions of dollars in East Town. We can see that progress heading south on Portland Avenue and want to be part of that evolution.”
Image courtesy of Yardi Matrix