Gelt Venture Partners, LLC (GVP) acquired Union Place from an undisclosed seller for $63.15 million. The 125-unit apartment property is located at 1500 Cherry Street in Placentia, within north Orange County.
“GVP saw this asset as a prime opportunity to realize significant upside by implementing a renovation program targeting luxury upgrades to unit interiors as well as making strategic common area and amenity improvements,” said Keith Wasserman, a partner with GVP.
Opened in 2012, Union Place was originally designed as condominiums and is the only one of three buildings over 100 units to be 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.
Mike Murphy and Rachel Parsons of Berkadia represented both seller and buyer.
GVP intends to raise $150 million for its new fund to capitalize on compelling opportunities in the market over the next three years due to some distress from short-term high leverage loans.
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The post Gelt Acquires 125-Unit Value-Add Apartments for $63M appeared first on Connect CRE.
Gelt Venture Partners, LLC (GVP) acquired Union Place from an undisclosed seller for $63.15 million. The 125-unit apartment property is located at 1500 Cherry Street in Placentia, within north Orange County. “GVP saw this asset as a prime opportunity to realize significant upside by implementing a renovation program targeting luxury upgrades to unit interiors as well as …
The post Gelt Acquires 125-Unit Value-Add Apartments for $63M appeared first on Connect CRE.
Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.
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