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9/30/22
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L.A.-based Gelt Inc has acquired Avalon Studio 4121, a 149-unit, value-add apartment property in the southeast San Fernando Valley community of Studio City, for $76 mil ($510k/unit). The property, located at 4041-4121 Radford Ave, was sold by Avalon Bay.
Built in 2009, the four-story, two-building property is situated on 1.26 acres and was approximately 98% occupied at the close of escrow. The property offers one- and two-bedroom units with an average size of 808 sf that include nine-foot ceilings, in-unit washer/dryers, and private sundecks and patios in select units. On-site amenities feature a fitness center, game/recreation room, lounge area with TV, courtyards, and leasing office.
The property offers immediate access to the 101 and 170 Freeways, allowing for convenient access to nearby employment hubs of Universal City, Burbank, Century City, Glendale, Hollywood, and Downtown LA.
“This core-plus asset is only one of three apartment properties in Studio City with more than 100 units built in the past 15 years, making it a very rare investment opportunity in this submarket which has very high barriers to entry for new development,” said Keith Wasserman, Partner with Gelt. “We also liked its prime Los Angeles location, which attracts young professionals seeking access to nearby retail and dining amenities, public transportation, freeways, and proximity to the thriving employment base within and around the submarket.”
The firm is planning on spending roughly $5 mil in renovating all unit interiors and making common area amenity upgrades, according to Jeff Harris, Partner with Gelt. The firm also intends to rename the property and anticipates that the entire renovation program will be complete in approximately three years.
Gelt’s plans for the unit interior upgrades include installation of stainless-steel appliances, quartz countertops with undermount sinks, vinyl plank flooring, tile backsplashes, cabinets, modernized hardware, and recessed lighting and fixtures. Gelt will also selectively make upgrades to the common area amenities which are currently in good condition.
Kevin Green, Joseph Grabiec and Greg Harris with Institutional Property Advisors represented the seller, Avalon Bay Communities Inc, and procured the buyer, Gelt Inc.
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