ALAMENDA, CA - Calvera Partners, a real estate investment firm, has acquired 430 & 450 Buena Vista Avenue, a 52-unit apartment building in Alameda, CA, for $15.95 million. The final acquisition for their current discretionary investment fund, the purchase is part of the firm’s ongoing commitment to the repositioning of vintage multifamily properties in the Bay Area.
The three-story building, constructed in 1964, will be rebranded with new signage, refreshed landscaping and common areas, and will include comprehensive upgrades to individual units. The property renovation will also address deferred maintenance issues and structural improvements.
“This property represents an excellent fit with our investment strategy,” said Calvera Managing Principal Brian Chuck. “Our goal is to identify well-located properties with untapped value that can be realized via our creative repositioning and disciplined management.”
Alameda is a family-friendly community known for its recreational beaches and proximity to major employment centers. The property is close to downtown Oakland (2.5 miles) and San Francisco (20-minute ferry ride) and offers convenient access to other East Bay cities via Interstate 880 and BART, both of which are within a few miles of the property. Moreover, the property is within walking distance of one of Alameda’s main thoroughfares with neighborhood restaurants and retail. In addition, the immediate neighborhood has seen significant institutional apartment investment in the last 18 months. It is also near the 1,500-acre Alameda Point Development, one of the largest development projects in the Bay Area, which includes 673 housing units, funding for a new ferry terminal, and 93,000 square feet of retail.
Chuck added, “Physically the building is in good condition for its age, and will allow the Calvera team to focus on their signature approach to a boutique hotel design aesthetic and branding.”
Past projects for the real estate investment company have included The Stacks, located near San Jose State and FIT Apartments in Minneapolis, MN.
“As with all of our acquisitions, we feel like we can put our creative stamp on the building and renovate units as they turn over to realize the true value of the property,” said Chuck. The Alameda property is the real estate investment firm's 12th acquisition in CA.
With the current fund now fully invested, a new fund, The Multifamily Transformation Fund, is scheduled to launch later this year.