Caltech is a value focused investor and seeks to acquire assets—either through debt or equity positions—at substantial discounts to replacement cost. Caltech will consider JV structures and partnership recapitalizations as well as outright purchases. We focus on California markets that combine (1) high natural or manmade barriers to entry (mountains, oceans, rivers, environmentally protected areas, historic districts, height restrictions) (2) affluent housing, and (3) strong demographic and job growth.

Target Properties

Caltech acquires primarily Class A and B properties that include office (suburban and CBD), R&D, office-service, hospitality, multifamily, parking garages, mixed-use and in-fill/high street retail. Target properties often have the following characteristics:

Transaction Characteristics

Investment Size: Minimum $1.0 million; preferred $10.0 million to $25.0 million

Targeted Returns:

Value, value-add and opportunistic type returns Target Leverage: 50%-65% LTV

Geographical Coverage

California, Arizona, Nevada, Oregon


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