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BAG Investments Spends $62.5 Mil on Santa Clarita Multifamily Community

1/06/20

Culver City-based BAG Investments purchased Monterra Ridge Apartments, a 232-unit residential community in Santa Clarita, for $62.5 mil ($269.4k/unit). The property was sold by Gelt Inc.

Built in 1985, Monterra Ridge is located at 28085 Whites Canyon Rd, north of Soledad Canyon Rd and west of Hwy 14. 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.

Gelt acquired the property in June 2016 for $45.5 mil and embarked on a capital improvement program that included renovating approximately 65% of the unit interiors with upgrades including new cabinetry faces and fixtures, stainless steel appliances, vinyl-plank flooring in the living room, and new ceiling fans, among other upgrades.

“After executing on our value-add improvement plan, and noting a healthy multifamily sales market in Southern California, our team at Gelt determined we could hit our projected eight-year investment goal after just three-and-a-half years into our investment. We decided it was a good time to sell,” said Keith Wasserman, Co-Founder and Partner with Gelt. “The new ownership has additional opportunities to add value through renovation of the remaining interiors as well as realize appreciation in the thriving and business-friendly Santa Clarita Valley.”

Jeff Harris, Partner with Gelt added, “We have been seeking to grow our portfolio in key western region markets and will be soon be trading the proceeds from this sale into a marquee multifamily asset in the Denver region.”

He noted that in 2020, Gelt is looking to acquire $300 mil of multifamily assets in Denver, Salt Lake, Portland, Seattle, Southern California, Albuquerque, and Reno.

Gregory Harris, Kevin Green and Joseph Grabiec from Institutional Property Advisors represented both sides of the transaction.







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