The Small Space Marketplace

List Your Space

Find Space

Home About Us Executive Subscriber Membership RENTV Conferences Newsletter Contact Us Advertise
March 28, 2024
 Search RENTV
   Go!
 The REview
 News
News Home Page
Southern California
Northern California
Pacific Northwest
Texas/Southwest
Retail
Multifamily
Financing
Prop. Management
Archives
Press Releases
 R. E. Marketplace
Service Providers
JobWorks
Property Spotlight
 RENTV  Conferences
Subscriber Login:
  
Email      
    Go!
Password      
Forgot Password?



SOUTHERN CALIFORNIA NEWS
Printer-friendly Version   Email an Associate
Gelt Inc Pays $45 Mil for 232 Units in Santa Clarita

6/20/16

LA-based Gelt Inc has acquired Monterra Ridge, a 232-unit apartment community in Santa Clarita, for $45.5 mil, or $196k/unit. The asset was sold by FPA Multifamily.

Built in 1985, Monterra Ridge is located at 28085 Whites Canyon Rd in the city’s Canyon Country neighborhood. 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, a fitness center, a sand volleyball court, a clubhouse with a community room and swimming pool and spa.

“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.”

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.

Founded in 1985, FPA has owned over 85,000 apartment units valued at over $7 bil. FPA is currently investing through its value-add focused FPA Apartment Opportunity Fund V, which will acquire approximately $1.4 bil of assets, and its core plus focused FPA Core Plus Fund III, which will acquire approximately $500 mil of assets.





Return to the Archive page


 


 


 


 
 





Home | About Us | Newsletter | Contact Us | Executive Subscriber Membership | Executive Subscriber Home | Advertise
Southern California | Northern California | Pacific Northwest | Southwest | Retail | Multifamily | Financing | Property Management
Archives | Press Releases | Service Providers | JobWorks | Property Listings

Copyright © 2024 by RENTV, All Rights Reserved
Website designed by Regency Web Services, Inc. and powered by Lightning Media