December 2020
Reflecting on 2020

2020 has been a challenging year marked with unprecedented events and disruption to all our work and home lives. The coronavirus pandemic and economic distress have tested all of us in different ways.
As the year comes to a close, I wanted to reflect on some of the accomplishments our team at CALCAP has achieved.

When the pandemic hit in March, the company moved into a complete defensive mode with 3 primary goals:

  1. Protect the health and safety of our employees and residents
  2. Preserve investor capital
  3. Maintain business continuity with all employees working remotely
We quickly moved to shut down all common areas at our apartment communities and began to hyper focus on rent collections. We put all acquisitions on hold, and our lending business tightened credit guidelines and shifted to a loss mitigation focus.

In the second half of the year, we began to cautiously play offense again as the markets and economy stabilized and provided us with more clarity.

CALCAP Asset Management began actively pursuing opportunities and purchased a 127-unit deal in Phoenix. We were also able to sell two assets this year with average annual returns to investors of 28% and 42% respectively!

CALCAP Lending steadily increased production, developed new loan products and sourced additional take-out investors. We also secured a new $20mm funding facility.

CALCAP Properties has averaged over 96% rent collections through the pandemic while maintaining record occupancy of over 97%. At the same time, CCP added 860 new fee managed units to our portfolio.

The CALCAP Income Fund I maintained monthly investor payouts throughout the pandemic and also created a REIT structure to provide more tax advantaged income to investors.

Finally, we created a new synergistic business called CALCAP Strategic Opportunities which will focus on providing $1-7mm Preferred Equity investments in workforce multifamily housing.

And most importantly, we were able to retain about 99% of our employees!

I cannot say enough about the incredible commitment and tenacity our team has shown this year. We are truly grateful to our employees, investors, business partners and friends. Although we are not “out of the woods” yet, we believe that housing will continue to be a great investment long term and are optimistic for what 2021 may bring!

Edward M. Aloe
Founder and CEO
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Latest Headlines...

FHFA announces proposed rule on living wills for GSEs

Agency wants GSEs to develop a plan to safely unwind from conservatorship

The Federal Housing Finance Agency (FHFA) took another step in its quest to remove Fannie Mae and Freddie Mac from conservatorship on Tuesday, seeking public comment on a rule that would require Fannie Mae and Freddie Mac to develop plans to unwind without negatively affecting the broader financial system.

Should the FHFA be appointed receiver for the government-sponsored entities, the so-called “living wills” would facilitate a rapid and orderly resolution from conservatorship, the agency said Tuesday.

Housing industry reacts to second stimulus bill

Industry players say the $900B relief package will be a boost for the rental market

The second stimulus bill – yet to be signed by President Trump – will include $25 billion in dedicated rental assistance, $600 in direct stimulus checks, $300 per week in enhanced unemployment benefits through March, extended unemployment programs for gig workers and long-term unemployed, and $284 billion for a second forgivable Paycheck Protection Program (PPP) loan.

The bill also extends the current CDC eviction moratorium until January 31, 2021 – a caveat that National Multifamily Housing Council (NMHC) President Doug Bibby and National Apartment Association (NAA) President and CEO Bob Pinnegar said does more harm than good.

The housing market outlook for 2021

A recovering economy, record purchase originations and a drop in refinances

2020 has been one of the most challenging years in the history of our country. However, the real estate industry should be proud of how rapidly participants moved to ensure home sales transactions and refinancings could take place safely – and with minimal disruption. Our market truly has been one of the very few bright spots of the economic recovery. Millions of homeowners have saved money through refinancing, mortgage servicers have helped over 5 million homeowners stay in their home by offering forbearance, and following a sudden halt in the spring, home sales are booming.

On the lighter side....
About CALCAP Advisors
California Capital Real Estate Advisors, Inc., and its affiliate entities (CALCAP Asset Management I & II, CALCAP Properties, CALCAP Lending, and CALCAP Senior Healthcare I, collectively known as "CALCAP"), is a California based investment company founded and 2008 and headquartered in Pasadena, California. The Company sponsors alternative real estate investment opportunities focused on demographically driven housing. CALCAP has been able to consistently provide both individual and institutional investors with outstanding returns over the last 10 years. The Company's core strategies look to actively create alpha for investors while managing risk. CALCAP currently has over $350mm in Assets Under Management. To learn more visit
Social Mission
CALCAP has created the CALCAP CARES program to encourage employees to find a way to give back to the neighborhoods where we invest. CALCAP has created "GiveTime4Autism" as its initial program which will allow employees the ability to donate unused vacation and sick days for a very worthy cause.
The Sanborn House
65 N. Catalina Avenue   
Pasadena, CA 91106

12626 High Bluff Drive, Suite 360
San Diego, CA 92130 

740 N. 52nd Street
Phoenix, AZ 85008 

1309 State Street, Suite A
Santa Barbara, CA 93101

92 Argonaut, Suite 205
Aliso Viejo, CA 92656

Edward M. Aloe, Founder & CEO
(626) 229-9057

Patrick A. Wakeman, Principal
(858) 764-4890

Drew Buccino, Principal and COO
(602) 419-3381

Greg Blix
Director of Investor Relations
(805) 896-8500

Len Israel

Mark A. Mozilo, Principal
(626) 229-9056
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