Calvera’s Fund 3 Surpasses $30M Target

Calvera Partners recently closed its latest multifamily value-add investment fund, the Calvera Multifamily Transformation Fund (Fund 3), with $31.6 million of equity commitments, surpassing its $30 million target. Fund 3 is earmarked to invest $100-plus million in multifamily assets located in high-growth markets that have emerging technology or healthcare employment bases.

Each acquisition utilizes Calvera’s proprietary boutique approach to the renovation and rebranding of apartment buildings. To date, Fund 3 has closed three transactions of $85 million in total capitalization.

Calvera has also raised an additional $10.5 million for sidecar investments in two of these acquisitions that include the 304-unit Terrace Cove in Austin, TX, and the 307-unit Villages of Chapel Hill in Carrboro, NC located in the Research Triangle.

“We are committed to investing in communities poised to experience significant growth,” said Brian Milovich, Calvera managing principal. “Much like our acquisition in Austin, TX, which has capitalized on the recent influx of people and companies such as Tesla into the metro, the Triangle is a growing tech-hub and preferred destination for those leaving high-cost coastal markets.”