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1/25/22
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Gelt Inc acquired Volta on Pine, a 271-unit, Class A apartment community in Long Beach, for $156 mil, or $575.6k/unit. Built in early 2021, Volta on Pine is situated on just over one acre at 635 Pine Ave.
The property includes 93 studios, 94 one-bedroom units, 66 two-bedroom units and 18 three-bedroom units with an average size of 849 sf. Eleven of the units are affordable. The highly upgraded unit interiors include quartz countertops, stainless steel appliances, wood-style flooring, full size washer/dryers, NEST thermostats, and modern cabinetry with some units offering ocean views and balconies.
Volta on Pine’s on-site amenities include a rooftop terrace with BBQ and views, executive conference and meetings rooms, courtyard with fire pit, resort-style pool and sundeck with spa, outdoor grilling areas with smart TVs, fitness center, parcel lockers, bike storage, and fully equipped catering kitchen, among other features. There is also 1.3k sf of ground floor retail.
The property is convenient to public transit and major thoroughfares such as Pacific Coast Highway and the 405 and 710 freeways. It is also walking distance to a number of shopping destinations, restaurants, beaches and places of employment.
“We are big believers in the downtown Long Beach story, with its tremendous job growth figures and strong multifamily fundamentals,” commented Gelt Partner Jeff Harris. “Volta on Pine is a marquee asset with a world-class amenity set, and it is in a position to realize consistent performance as a function of the booming economy in Long Beach.”
The seller, a joint venture of Holland Partner Group and North America Sekisui House LLC, was represented by Blake Rogers, Hunter Combs, Alexandria Caniglia and Javier Rivera of Walker Dunlop. Gelt was self-represented.
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