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 purchased 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 plan for our investors. We purchased Maude Gardens at a difficult 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 purchase 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.