LOS ANGELES—Gelt Inc. has acquired Monterra Ridge, a 232-unit apartment complex in Santa Clarita from FPA Multifamily for $45.5 million. The market, according to the investor, has an affordability gap between single-family houses and multifamily, which is driving demand in the market. Gelt plans to add value to the property by renovating the units.
“Santa Clarita consistently boasts a high occupancy amongst multifamily product as a result of a significant affordability gap between single family residences and multifamily dwellings,” Keith Wasserman, a partner at Gelt, tells GlobeSt.com.” Additionally, Santa Clarita offers residents a high quality of life, an array of high quality schools, employment centers, and a pro-business environment.”
Located at 28085 Whites Canyon Rd. in Santa Clarita, the property consists of 16 buildings on 22 acres, and has a mix of one- and two-bedroom units. It has no deferred maintenance and high occupancy. As units turn, Gelt plans to upgrade the interiors, adding vinyl plank flooring, new cabinets and stainless steel appliances. The firm also plans to renovate the common areas and the amenities at the property, which include a fitness center and dog park and BBQ area. “We plan to continue the currently strong operations of the property through sound management and will enhance the community through interior renovations as units become available,” says Wasserman. “We will be adding vinyl plank flooring, stainless steel appliances, new cabinets, and brush nickel fixtures amongst other additions. We also plan to add a second dog park, enhance the leasing office, and enlarge the existing gym.”
Gelt saw strong competition for the asset, although it didn't give specifics on the bidding process. Because the property met its investment criteria, Wasserman says that the firm put its “best foot forward” to win the deal. “Monterra Ridge is a Southern California asset of substantial size and quality that provides yields in place that meet our investment criteria, while still offering continued upside through renovations of interiors and common area amenities, “ he adds about why it was a good fit. “We are looking to grow our California portfolio.”
LOS ANGELES—Gelt Inc. has acquired Monterra Ridge, a 232-unit apartment complex in Santa Clarita from FPA Multifamily for $45.5 million. The market, according to the investor, has an affordability gap between single-family houses and multifamily, which is driving demand in the market. Gelt plans to add value to the property by renovating the units.
“Santa Clarita consistently boasts a high occupancy amongst multifamily product as a result of a significant affordability gap between single family residences and multifamily dwellings,” Keith Wasserman, a partner at Gelt, tells GlobeSt.com.” Additionally, Santa Clarita offers residents a high quality of life, an array of high quality schools, employment centers, and a pro-business environment.”
Located at 28085 Whites Canyon Rd. in Santa Clarita, the property consists of 16 buildings on 22 acres, and has a mix of one- and two-bedroom units. It has no deferred maintenance and high occupancy. As units turn, Gelt plans to upgrade the interiors, adding vinyl plank flooring, new cabinets and stainless steel appliances. The firm also plans to renovate the common areas and the amenities at the property, which include a fitness center and dog park and BBQ area. “We plan to continue the currently strong operations of the property through sound management and will enhance the community through interior renovations as units become available,” says Wasserman. “We will be adding vinyl plank flooring, stainless steel appliances, new cabinets, and brush nickel fixtures amongst other additions. We also plan to add a second dog park, enhance the leasing office, and enlarge the existing gym.”
Gelt saw strong competition for the asset, although it didn't give specifics on the bidding process. Because the property met its investment criteria, Wasserman says that the firm put its “best foot forward” to win the deal. “Monterra Ridge is a Southern California asset of substantial size and quality that provides yields in place that meet our investment criteria, while still offering continued upside through renovations of interiors and common area amenities, “ he adds about why it was a good fit. “We are looking to grow our California portfolio.”
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