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9/12/23
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Gelt Venture Partners LLC (GVP) has acquired Union Place, a 125-unit multifamily community in the Orange County city of Placentia, for $63.15 mil ($505.2k/unit). The property is situated on just over five acres at 1500 Cherry St, just north of Orangethorpe Ave.
Built in 2012, the three-story property is primarily comprised of spacious two- and three-bedroom units averaging 1.2k sf in size. The property features a pool, fitness center, barbecue areas, playground, and controlled entry access. Interior units have granite countertops, stainless steel appliances, wood-style flooring, laundry rooms with washer/dryers, nine-foot ceilings, walk-in closets, private balconies or patios, and garages for each unit as well as ample surface parking. The unit interiors are currently in original condition.
GVP plans to invest approximately $3.25 mil over the next two years to meet area renter demands for modern, luxury product that will set it apart from other rental communities in the submarket. Renovations will include the addition of kitchen islands, new custom cabinetry, vinyl plank flooring, tile backsplashes, quartz countertops, undermount sinks, modernized hardware, and recessed lighting. Planned common area improvements include painting and enhancements to the pool and fitness center, among other cosmetic improvements.
Union Place was originally designed as condominiums and is the only one of three buildings over 100 units built in the past 35 years in the City of Placentia. Additionally, it is one of only 10 multifamily properties over 100 units that has been delivered since 2000 within a five-mile radius.
“With a historically high occupancy rate and a current vacancy of less than 4%, large unit sizes, and a dense infill location within a coveted school district, this asset is already a successful and distinguished community,” noted Josh Satin, GVP Parter. “Given those fundamentals combined with a limited new supply coming to the area, we are confident that once the renovation plan has been executed, Union Place will be well-positioned for sustained tenant demand and value appreciation.”
Union Place is proximate to the 55, 57 and 91 freeways and provides residents with access to employment corridors in Orange County, the Inland Empire, and the San Gabriel Valley. Placentia has an average annual household income of approximately $147,000 and has one of the highest rated school districts in California.
Mike Murphy and Rachel Parsons of Berkadia represented both sides of the transaction.
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