Firm Overview
Firm Overview
CALCAP is focused on delivering value to high-net-worth investors, registered investment advisors, and family offices by acquiring and operating workforce and attainable multifamily housing in fundamentally strong U.S. markets.
ABOUT CALCAP
Who We Are
CALCAP is a vertically integrated real estate investment firm focused on acquiring and operating workforce and attainable multifamily housing in fundamentally strong U.S. markets.
We allocate capital in markets where population growth, job formation, and structural housing undersupply create durable rental demand — particularly where the affordability gap between renting and homeownership continues to expand.
Our investment philosophy emphasizes rigorous underwriting, conservative leverage, and active asset management. We prioritize capital preservation and downside protection while seeking to generate resilient cash flow and long-term value creation across market cycles.
We believe housing represents essential infrastructure within the U.S. economy. We partner with high-net-worth investors, registered investment advisors, and family offices seeking exposure to housing supported by structural fundamentals and executed with transparency, alignment, and disciplined execution.
Let's connect
ABOUT CALCAP
Who We Are
CALCAP is a vertically integrated real estate investment firm focused on acquiring and operating workforce and attainable multifamily housing in fundamentally strong U.S. markets.
We allocate capital in markets where population growth, job formation, and structural housing undersupply create durable rental demand — particularly where the affordability gap between renting and homeownership continues to expand.
Our investment philosophy emphasizes rigorous underwriting, conservative leverage, and active asset management. We prioritize capital preservation and downside protection while seeking to generate resilient cash flow and long-term value creation across market cycles.
We believe housing represents essential infrastructure within the U.S. economy. We partner with high-net-worth investors, registered investment advisors, and family offices seeking exposure to housing supported by structural fundamentals and executed with transparency, alignment, and disciplined execution.
Let's connect
OUR TEAM
Leadership
CALCAP is led by an experienced executive team with deep backgrounds in real estate investment, capital markets, and asset management.
Edward Aloe
Founder & CEO
Edward Aloe founded CALCAP in 2008 following a 20-year career in commercial banking and real estate finance. He leads the firm’s strategic direction, capital allocation, and overall platform development.
As Chairman of the Investment Committee, Mr. Aloe oversees portfolio strategy, investment underwriting, and capital structure decisions across the firm’s multifamily investments.
Mr. Aloe holds a B.B.A. in Business Administration from the University of San Diego.
Drew Buccino
President
Mr. Buccino oversees the firm’s strategic planning, financial management, and organizational execution.
He is responsible for financial reporting, operational oversight, and long-term capital planning across the platform.
He is a member of the Investment Committee and holds a B.A. in Economics and Accounting from Claremont McKenna College.
Josh Holman
Chief Investment Officer
Mr. Holman leads the firm’s acquisition strategy and investment underwriting activities, including market selection, due diligence, and transaction execution.
As Chief Investment Officer, he is responsible for sourcing opportunities aligned with the firm’s workforce housing strategy and guiding capital deployment decisions.
He serves as a member of the Investment Committee and holds a degree in Finance from Northern Arizona University and an M.B.A. from Pepperdine University.
Mark Mozilo
Executive Managing Director
Mr. Mozilo oversees investor relations and capital formation activities for the firm. As a founding partner of CALCAP and member of the Investment Committee, he plays a key role in strategic capital planning and investor communication.
He holds a B.S. in Psychology from the University of San Diego.
Pat Wakeman
Executive Managing Director, Portfolio
Mr. Wakeman oversees portfolio management and capital markets activities across the firm’s investments, including financing strategy, lender relationships, and transaction execution related to refinancings and dispositions.
As a Founding Partner of CALCAP and member of the Investment Committee, he plays a central role in portfolio performance, capital structure decisions, and long-term asset-level strategy.
He holds a B.B.A. in Accounting from the University of San Diego.
OUR TEAM
Leadership
CALCAP is led by an experienced executive team with deep backgrounds in real estate investment, capital markets, and asset management.
Edward Aloe
Founder & CEO
Edward Aloe founded CALCAP in 2008 following a 20-year career in commercial banking and real estate finance. He leads the firm’s strategic direction, capital allocation, and overall platform development.
As Chairman of the Investment Committee, Mr. Aloe oversees portfolio strategy, investment underwriting, and capital structure decisions across the firm’s multifamily investments.
Mr. Aloe holds a B.B.A. in Business Administration from the University of San Diego.
Drew Buccino
President
Mr. Buccino oversees the firm’s strategic planning, financial management, and organizational execution.
He is responsible for financial reporting, operational oversight, and long-term capital planning across the platform.
He is a member of the Investment Committee and holds a B.A. in Economics and Accounting from Claremont McKenna College.
Josh Holman
Chief Investment Officer
Mr. Holman leads the firm’s acquisition strategy and investment underwriting activities, including market selection, due diligence, and transaction execution.
As Chief Investment Officer, he is responsible for sourcing opportunities aligned with the firm’s workforce housing strategy and guiding capital deployment decisions.
He serves as a member of the Investment Committee and holds a degree in Finance from Northern Arizona University and an M.B.A. from Pepperdine University.
Mark Mozilo
Executive Managing Director
Mr. Mozilo oversees investor relations and capital formation activities for the firm. As a founding partner of CALCAP and member of the Investment Committee, he plays a key role in strategic capital planning and investor communication.
He holds a B.S. in Psychology from the University of San Diego.
Pat Wakeman
Executive Managing Director, Portfolio
Mr. Wakeman oversees portfolio management and capital markets activities across the firm’s investments, including financing strategy, lender relationships, and transaction execution related to refinancings and dispositions.
As a Founding Partner of CALCAP and member of the Investment Committee, he plays a central role in portfolio performance, capital structure decisions, and long-term asset-level strategy.
He holds a B.B.A. in Accounting from the University of San Diego.
OUR TEAM
Governance & Advisory Oversight
CALCAP’s Advisory Board is composed of experienced investment leaders with backgrounds in global credit, alternative investments, and institutional asset management. The board provides strategic guidance on capital allocation, risk management, and long-term platform development.
Michael Buchanan
Advisory Board
Michael Buchanan is Chief Investment Officer of Western Asset Management, where he leads global fixed-income investment teams and chairs the firm’s Global and U.S. Investment Strategy Committees as well as the Global Credit Committee. He has more than three decades of experience in fixed-income and global credit markets.
Prior to Western Asset, Mr. Buchanan held senior investment leadership roles at Credit Suisse Asset Management, Janus Capital Management, BlackRock Financial Management, and Conseco Capital Management.
Jeff Moore
Advisory Board
Jeff Moore brings more than 30 years of experience in alternative investments and private credit. He was a founding member of Ares Management in 1997 and played a significant role in building the firm’s global credit platform.
Mr. Moore previously led Ares Management’s Opportunistic Credit business and has held senior investment roles at Apollo Global Management.
OUR TEAM
Governance & Advisory Oversight
CALCAP’s Advisory Board is composed of experienced investment leaders with backgrounds in global credit, alternative investments, and institutional asset management. The board provides strategic guidance on capital allocation, risk management, and long-term platform development.
Michael Buchanan
Advisory Board
Michael Buchanan is Chief Investment Officer of Western Asset Management, where he leads global fixed-income investment teams and chairs the firm’s Global and U.S. Investment Strategy Committees as well as the Global Credit Committee. He has more than three decades of experience in fixed-income and global credit markets.
Prior to Western Asset, Mr. Buchanan held senior investment leadership roles at Credit Suisse Asset Management, Janus Capital Management, BlackRock Financial Management, and Conseco Capital Management.
Jeff Moore
Advisory Board
Jeff Moore brings more than 30 years of experience in alternative investments and private credit. He was a founding member of Ares Management in 1997 and played a significant role in building the firm’s global credit platform.
Mr. Moore previously led Ares Management’s Opportunistic Credit business and has held senior investment roles at Apollo Global Management.
Disciplined Platform Execution
With defined governance structures, experienced leadership, and established market presence, CALCAP deploys capital with a focus on risk management and long-term value creation.
Disciplined Platform Execution
With defined governance structures, experienced leadership, and established market presence, CALCAP deploys capital with a focus on risk management and long-term value creation.
Social Impact
CALCAP CARES
CALCAP CARES is the firm’s 501(c)(3) private foundation, created to support the communities where we invest and operate. The foundation encourages team members to give back locally and contribute to causes that strengthen neighborhoods and families.
A primary focus of CALCAP CARES is supporting organizations that serve individuals and families affected by autism. Through financial contributions and community engagement, we aim to make a meaningful difference in the lives of those navigating the challenges associated with autism while reinforcing our broader commitment to community impact
Social Impact
CALCAP CARES
CALCAP CARES is the firm’s 501(c)(3) private foundation, created to support the communities where we invest and operate. The foundation encourages team members to give back locally and contribute to causes that strengthen neighborhoods and families.
A primary focus of CALCAP CARES is supporting organizations that serve individuals and families affected by autism. Through financial contributions and community engagement, we aim to make a meaningful difference in the lives of those navigating the challenges associated with autism while reinforcing our broader commitment to community impact