Gelt eyes $300M in multifamily acquisitions across SoCal, Western US

Firm just sold a Santa Clarita rental complex for $63M, but says will expand apartment holdings in 2020

TRD LOS ANGELES /
Jan.January 06, 2020 08:00 AM
Gelt’s Jeff Harris and Keith Wasserman with the Monterra apartments
Gelt’s Jeff Harris and Keith Wasserman with the Monterra apartments

Real estate investment firm Gelt has sold a 232-unit Santa Clarita apartment complex, but said it intends to significantly expand its multifamily holdings in Southern California and six states across the Western U.S. this year.

Culver City-based B.A.G. Investments paid $62.5 million for the Monterra Ridge Apartments, which was built on 22 acres in 1985, and located at 28085 Whites Canyon Road. Gelt announced the sale.

Tarzana-based Gelt, which focuses on value-add multifamily properties, is looking to buy $300 million of multifamily assets in Southern California; Albuquerque, New Mexico; Denver; Portland, Oregon; Reno, Nevada; Salt Lake City; and Seattle, said partner Jeff Harris.

Gelt has been active in the San Fernando Valley, particularly in Reseda, Santa Clarita and Tarzana. A few years ago, the bulk of Gelt’s holdings were in Utah and Arizona until it began turning to Los Angeles because of its housing shortage, Gelt co-founder Steve Wasserman said.

Gelt acquired Monterra Ridge Apartments in June 2016 for $45.5 million. It made extensive improvements on the complex, including upgrading two-thirds of the unit interiors. The complex includes 88 one-bedroom units and 144 two-bedroom units, along with covered parking, a fitness center, swimming pool and spa.

Institutional Property Advisors’ Gregory Harris, Kevin Green and Joseph Grabiec represented both sides of the transaction.

B.A.G. founder and president Alan J. Gindi, a bankruptcy attorney who owns and manages real estate, could not be reached for comment.


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