Direct from owners.
Owners who reach out to us, often after months or years of considering a sale. Cash or seller-financed, no commission, no listing process.
Direct multifamily buyers · WA · TX · KS
We specialize in acquiring and managing value-add multifamily assets
Kallpa Properties acquires multifamily properties (typically 5 to 50 units) in Washington, Texas, and Kansas. We work with owners selling direct and with brokers representing listings or pocket deals. Long-term hold, our own capital, no flipping.
What we buy
What kind of multifamily does Kallpa buy?
Kallpa is a direct multifamily buyer in Washington and Kansas (5 to 50 units) and Texas (20 to 50 units). We close on cash and seller-financed deals, hold long-term, and operate the buildings ourselves. When you call, you're talking to Jose Diaz Caro, the owner. Typical close: 14 to 45 days from acceptance.
B/C class multifamily, built after the 1960s, in stable workforce-housing neighborhoods. We look for limited deferred maintenance and a real value-add component: below-market rents, operational inefficiencies, or condition upgrades we can fix.
We're not buying fully-stabilized turnkey properties at market cap rates. Larger institutional buyers will pay more than we will for those. We're also not buying D-class assets in failing neighborhoods. We're buying the middle: workforce housing where there's room to push NOI through better operations and honest reinvestment.
Where we buy
Where does Kallpa buy?
Three states. Each has its own unit-count floor and submarket focus.
Washington
5 to 50 unitsWashington is our home market. Jose lives here, the firm started here, and the bulk of our holdings sit between Tacoma and the north Sound.
See Washington details →
Texas
20 to 50 unitsTexas is our second-largest market and the place we look first for value-add 20-to-50-unit assets in stable, growing submarkets.
See Texas details →
Kansas
5 to 50 unitsKansas is a deliberate part of our footprint, not an afterthought. We acquire in markets where the math still pencils and the relationships still matter.
See Kansas details →
How we acquire
How does Kallpa acquire properties?
Three channels, treated as equally legitimate.
Through brokers.
Listings and pocket deals brought to us by commercial multifamily brokers in our three states. We pay full commission, return LOIs in 2 to 3 business days, and we don't retrade.
At auction.
County foreclosure auctions in our target submarkets. A smaller share of our volume but a consistent one.
Whichever channel a deal comes through, the underwriting standard, the close standard, and the long-term hold strategy are identical.
How it works
How does selling to Kallpa work?
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Reach out.
Owners can call or email Jose directly with the address, unit count, and a sentence about why you're considering selling. Brokers can submit a deal package through our broker form or email Jose with the OM attached.
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Property review.
Send a current rent roll and a few photos. Jose runs the numbers.
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Written offer.
Cash, seller-financed, or hybrid, within a few business days.
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Short due diligence.
Inspection, title, rent-roll verification. Two to three weeks.
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Close at title.
14 to 45 days from acceptance depending on structure.
Deals we close
What this looks like in practice
Two patterns we see most often. Unit counts and structures are illustrative — every deal is built around the seller's specific situation.
Tacoma, WA · 15 units
Out-of-state owner, clean cash exit
B-class building in a workforce-housing submarket. Owner moved out of state two years ago and remote management has gotten heavier. Tenants in place, modest deferred maintenance, no repositioning needed.
All-cash structure. Roughly three weeks from accepted offer to wired funds. No commission, no listing photos, no rent roll circulating, no tenants notified until close.
Wichita, KS · 10 units
Multi-generational family transition
Building held in the family for two decades, mostly depreciated out. Active manager wants to step back; other family members want steady income, not a lump-sum tax bill.
Seller-financed structure. Down payment at close, balance carried as a 5-year note. Capital-gains recognition spreads over the term under IRC 453, family collects interest on the note, Kallpa takes operations.
Who runs Kallpa
Who runs Kallpa?
Kallpa Properties is owned and operated by Jose Diaz Caro, a lifelong Washington State resident and active multifamily investor. Jose earned his accounting degree at the University of Washington and bought his first multifamily property right after graduating. A few years later, he was a founding member of Caro & Associates, an accounting firm that works with service-based businesses, real estate investors, and construction companies across the Pacific Northwest.
That accounting background shapes how Kallpa underwrites. We recast seller financials with realistic vacancy, market-rate insurance, and capex reserves before we make an offer. We're transparent about what the numbers say, and we'd rather walk away than overpay.
When you call about a property, you're talking to Jose. Not an analyst, not an acquisitions associate, not an asset manager.
Tell Jose about your property
Two minutes. He'll read it himself and reply within a business day.
