Sunday, June 19, 2016

Gelt, Inc. Acquires 232-Unit Apartment Community for $45.5 Million in Santa Clarita, CA

Monterra Ridge Apartments, Santa Clarita, CA

Keith Wasserman
Los Angeles, CA – Gelt, Inc., a Los Angeles-based real estate investment and asset management firm, has acquired Monterra Ridge, a 232-unit apartment community for $45.5 million. The property is located in Santa Clarita, the third largest city within Los Angeles County.

“Monterra Ridge is an ideal addition to Gelt’s growing apartment portfolio. It had no deferred maintenance and has had consistently high occupancy,” said Keith Wasserman, partner with Gelt, Inc.

 “We are planning on adding value to the community through some key renovations that will make it even more attractive and meet the demands of the area’s residents who are seeking quality rental product.”

Executive director Greg Harris and senior directors Kevin Green and Joseph Grabiec from Institutional Property Advisors, a division of Marcus and Millichap, represented both sides of the transaction.

Gelt plans to renovate the majority of the unit interiors as they become available by adding vinyl plank flooring, new cabinets, stainless steel appliances, and new countertop surfaces in the kitchen and bathrooms.

Also planned is an extensive remodel of the leasing office and fitness center; the addition of a barbeque area; existing dog park renovation and addition of a second dog park; and the installation of a new water feature.

Damian Langere
“The north Los Angeles master-planned community of Santa Clarita draws from an expanding, affluent, and well-educated workforce in and around the area,” observed Damian Langere, partner of Gelt, Inc.

“Its freeway-close location is just minutes from other key job centers in the San Fernando Valley and Tri-Cities areas as well. We are confident that our improvements paired with a strengthening residential rental market in this region will bring both short and long-term returns on this investment.”

Built in 1985 and situated in the Canyon Country neighborhood of Santa Clarita, Monterra Ridge is located at 28085 Whites Canyon Rd. 

The pet-friendly 16-building community is situated on just under 22 acres and includes 88 one-bedroom/one-bathroom units and 144 two-bedroom/two-bathroom units. It features covered parking; fitness center; sand volleyball court; clubhouse with a community room; and swimming pool and spa.

The seller, FPA Multifamily, is a private equity real estate firm focused on the acquisition, renovation and management of both core plus and work force housing apartment communities.  Founded in 1985, FPA has owned over 85,000 apartment units valued at over $7 billion. 

Joseph Grabiec
FPA is currently investing through its value-add focused FPA Apartment Opportunity Fund V which will acquire approximately $1.4 billion of assets and its core plus focused FPA Core Plus Fund III which will acquire approximately $500 million of assets. 

Headquartered in San Francisco, FPA also has offices in Irvine, Portland, Denver, Dallas and Atlanta.  For more information please visit
Since the company's inception in 2008, Gelt has acquired 4,500 apartment homes valued in excess of $500 million. The firm continues to focus its efforts on acquiring value-added apartment communities with a minimum of 100 units within high growth infill locations throughout the Western United States.

For a complete copy of the company’s news release, please contact:

Darcie Giacchetto

Rialto Capital Management Sells Vacant Retail Building in Valdosta, GA

Chip Sipple
 ATLANTA, GA – TTG Properties, LP, has purchased a 9,358-square-foot vacant retail building located in Valdosta, Georgia, from Rialto Capital Management for $670,000.

Chip Sipple and Kirk Williams of Lincoln Property Company (Lincoln) represented the seller. Clay Browning with Commercial Real Estate Advisors LLC provided local expertise and assisted Lincoln with the sale.

“This property is located in the fast–growing Five Points submarket of Valdosta, which has seen great improvement over the past several years,” Sipple said. “The property is located in close proximity to strong demographics and other major retailers including a Walmart Superstore.” 

The building, located at 3119 N. Oak St. Extension, is the former location of the Potter’s House Christian Retail Store, which closed in 2013. The property benefits from its location inside the city limits of Valdosta in the Five Points submarket.

For a complete copy of the company’s news release, please contact:

Laura Rispin • The Wilbert Group
1720 Peachtree St., Suite 350 • Atlanta, Ga. 30309
M: 404-630-0148

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$2 million sale of ground-leased wendy’s in miami arranged by marcus & millichap

Wendy's, 14180 SW 8th Street,  Miami, FL
Ronnie Issenberg
MIAMI, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of ground leased Wendy's located in Miami. The asset sold for $2,000,000 which represented a 4.33 percent CAP rate based on current income.

            “The upward pressure on cap rates resulting from a rising interest rate environment is encouraging single-tenant net-leased owners to sell while cap rates are still at an historical low. 

"Corporately owned net-leased assets in strong locations remain at the forefront of investor demand,” says Gabriel Britti, a vice president investments in Marcus & Millichap’s Miami office.

Britti along with Ronnie Issenberg, a vice president investments, and Michael Biama and Roee E. Ben-Moshe, senior associates, represented the seller of the property, a limited liability company from Salem, Mass. 

The team has facilitated the sale of 38 STNL properties so far this year and currently have 46 investment opportunities available for sale.

Michael Biama
“We identified multiple interested buyers and were able to achieve a sales price of $2.0 million and a 4.33 percent cap rate,” adds Biama.

The buyer, a limited liability company from Coral Gables, Fla., was secured and represented by Tim Giambrone, a vice president investments in Marcus & Millichap’s Atlanta office. 

“The buyer, who owns numerous high-quality, net-leased assets was attracted to the credit corporate lease, low rent and strong demographics surrounding this well-located Miami asset,” says Giambrone.

Built in 2004, the 3,191-square foot Wendy’s is positioned in the center of a 30,971 -square foot, corner lot. The property is located at 14180 SW 8th Street in one of Miami’s most desirable retail corridors.

For a complete copy of the company’s news release, please contact:

Kirk A. Felici
First Vice President/Regional Manager, Miami

(786) 522-7000