About the firm

Your fractional investment office, in three people.

Calturas Capital Management was founded on a simple premise, that operators and investors deserve the strategic counsel, allocation discipline, and deal-level rigor that institutional shops keep on staff. We're the fractional investment office most firms don't have: two principals, one analyst, and a sounding board on every decision you're about to make.

The principals.

CEO / CIO

Boyd Woodard

Boyd brings the operational discipline, assumptions tested before they cost you.

Boyd's career was built in environments where the numbers had to hold up to executive scrutiny, leadership positions at Edwards Lifesciences and Western Digital, where he led cost-optimization programs that returned more than $10M in annual savings and where assumptions were routinely defended in front of senior committees.

For the past eight years he has applied that same discipline to value-add commercial real estate underwriting and development. At Calturas he leads every engagement on the analysis side and works directly with the client through delivery.

15+ years operations & engineering leadership, Edwards Lifesciences, Western Digital
8+ years value-add CRE underwriting & development
MBA, Strategy & General Management, UC Irvine, Paul Merage School of Business

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Real Estate Advisor

Xavier Santana

Xavier brings the institutional relationships, context the data alone can't supply.

Xavier's career has been institutional commercial real estate from the start, beginning at CBRE, then selling institutional commercial properties with Palmer Capital, and currently serving as CEO at Northgate Commercial Real Estate. The relationships he has built across that arc, with sponsors, brokers, lenders, and operators, read the market in context, not just on paper.

At Calturas he leads the firm's advisory practice and runs every acquisition and disposition engagement.

CEO, Northgate Commercial Real Estate
Formerly at CBRE; institutional sales with Palmer Capital
Deep relationships across institutional sponsors, brokers, lenders, and operators

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Have a deal, a thesis, or a decision you'd like to put in front of Boyd or Xavier?

Book a consultation

The team.

Private Equity Analyst

Daniel Camiroaga

Daniel brings the analytical depth, every comp validated, every assumption stress-tested.

Daniel runs the deep analytical work on every engagement, building the pro forma in Excel, sourcing comps, modeling sensitivities, and reconciling source data against sponsor materials. He partners directly with both principals so the numbers in every memo have been triangulated, not assumed.

His role is the reason a Calturas memo can be defended line by line: there is no black box, and there is no assumption that hasn't been pressure-tested before it reaches the client.

Acquisitions & financial modeling specialist
Pro forma build, comp validation, sensitivity sweeps
Diligence reconciliation against sponsor materials

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Accounting & Finance

Joumana Assad

Joumana brings the accounting rigor, books and reporting that hold up to an audit.

Joumana is an accounting and finance professional with more than 15 years across general accounting, financial reporting, tax preparation, and private equity accounting.

Her work spans multi-entity accounting, audit support, controller-level financial management, and business clean-up, the discipline that keeps ownership reporting accurate and defensible.

15+ years in general accounting and financial management
12+ years in professional tax preparation
4+ years in private equity, real estate accounting, and controller-level financial management
Audit support, multi-entity accounting, business clean-up, and financial reporting
BS, Technical Management / Financial Management, DeVry University
MBA, Accounting and Finance, Keller Graduate School of Management

Have a deal you'd like the team to run the numbers on?

Get in touch

On the ground

Operators, not commentators.

Every Calturas engagement is principal-led. The person you meet on the first call is the same person walking the asset, building the model, and writing the memo. There's no junior team to hand the work down to, no offshore analysts to scrub it through, no marketing layer between you and the analysis.

That's a deliberate choice. It means we take on a smaller number of engagements at a time. It also means the discipline you saw on the first call is the discipline that lands on the deal. No surprises between scoping and delivery.

Principal-led commercial real estate advisory

What you can count on

The terms you'd want, already in writing.

You see the cost before the work starts

Every engagement opens with a one-page letter stating the scope, the deliverable, and the fee. No surprise invoices. No scope creep without a written change.

The model is yours, in writing

The Excel file, the assumptions, the memo, all delivered in editable form at the end of every engagement. You keep what you paid for, defend it to your committee, and reuse it for the next deal.

Your recommendation is paid for only by you

No fees from brokers, lenders, or sponsors. No referral economics on either side of the table. The recommendation belongs to no one but you, because no one else is paying for it.

The person you meet is the one doing the work

A small number of engagements at a time. The principal you talk to on the first call runs the analysis through to delivery, your work isn't queued behind ten other clients.

Want to meet the principals?

The first call is with Boyd or Xavier directly. Bring a deal, bring a question, or bring a decision you'd like a disciplined second set of eyes on.

Book a consultation