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Calvera Partners has sold an apartment building in Sunnyvale for nearly double the purchase price. The 37-unit complex at 1090 Sunnyvale Saratoga Road, dubbed pksl, sold for $15.7M, or $424K/unit. Calvera Partners bought the asset for $8.3M in 2014.
Calvera spent over $2.5M to renovate the 1960s complex, formerly known as Crestview Terrace, according to Calvera Partners managing principal David Saxe. The company turned an old mailroom into a tenant lounge with WiFi, commissioned art for a mural at the pool and opened up patios into a new courtyard.
Sunnyvale's video gaming industry and modern boutique hotels provided the inspiration for the design of the renovation. The design incorporates wood grain finishes and orange-and-black color schemes as an homage to Atari, a video game developer that produced pixelated games.
Each unit has a remodeled kitchen and bath, new flooring, LED lighting fixtures and electrical. The community contains drought-tolerant landscaping, dual-pane windows and lighting. Amenities include bike storage and a dog-friendly courtyard.
The sale fits into Calvera Partners’ larger vision and strategy, which is to provide accredited investors with direct access to opportunities in high-growth markets. By renovating underperforming properties, the company can position older properties to compete with new construction. To date, Calvera has sold five properties for a weighted average gross internal rate of return of 41.8%.
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