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.