How Twin Cities growth lured in California’s Calvera Partners

Among apartment investors, it’s no secret that the Twin Cities is one of the healthiest markets in the nation. Rents are on the rise, vacancy rates are below average and the economy is humming. Those attractions lured Calvera Partners, a California-based private real estate investment firm, to launch its national expansion in the Twin Cities. Last week, it paid $11.4 million for Grant Street Commons, an 85-unit, eight-story apartment building at 515 E. Grant St. in the East Town neighborhood near Elliot Park and U.S. Bank Stadium. The company will also open a local office and keep shopping for other buildings. Brian Milovich, managing principal at Calvera Partners and a graduate of the Carlson School of Management, talked about the company’s move into the market:

Q: Did you launch your national expansion in Minneapolis because this building presented an opportunity, or were you specifically seeking opportunities in the Twin

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