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| Monterra Ridge Apartments, Santa Clarita, CA |
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| 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.
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| 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.
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| 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 www.fpamf.com.
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
949.278.6224
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