The three-story complex, built in 2012, includes two- and three-bedroom apartments that average a little more than 1,200 square feet. It has a fitness center, pool, barbecues and a playground. It was originally designed to be condominiums. The price works out to about $506,000 per unit.
Upgrades will include new kitchen islands, cabinets, tile backsplashes, quartz countertops, recessed lighting and vinyl plank floors. Common areas will get fresh paint, while the pool and fitness center will be made over.
“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,” Keith Wasserman, founder of the firm, told the Orange County Register.
In 2008, Wasserman founded Gelt Inc., based in Tarzana. That firm, operating as Gelt Ventures, owns 29 residential properties with nearly 11,600 units, valued at $2.1 billion, according to its website.
— Dana Bartholomew
Gelt pays $147M for Anaheim apartment complex
The post Gelt Venture Partners pays $63M for 125 apartments in Placentia appeared first on The Real Deal.
Gelt Venture Partners has picked up a 125-unit apartment complex in Placentia for $63.2 million. The Brentwood-based investor bought the Union Place complex at 1500 Cherry Street, the Commercial Observer reported. The seller was an affiliate of MG Properties, based in San Diego. The three-story complex, built in 2012, includes two- and three-bedroom apartments that
The post Gelt Venture Partners pays $63M for 125 apartments in Placentia appeared first on The Real Deal. Uncategorized The Real Deal
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.