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Calvera Partners Nearly Doubles Investment With Sale Of Sunnyvale Apartments

pksl apartment complex in Sunnyvale

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%.

Related Topics: Sunnyvale, Calvera Partners