Tarzana real estate investment and management firm Gelt Inc. has closed on a $45.5 million purchase of a Santa Clarita apartment complex.
Gelt bought Monterra Ridge, a 232-unit apartment complex of 16 buildings at 28085 Whites Canyon Road in Canyon Country, according to the firm. The seller was San Francisco private equity real estate firm Fowler Property Acquisitions.
“It had no deferred maintenance and has had consistently high occupancy,” said Keith Wasserman, a partner with Gelt.
Monterra Ridge was built in 1985. Gelt plans to upgrade interiors when units change hands with new vinyl flooring, cabinets, appliances and countertops. It will also remodel the leasing office, fitness center and dog park and add a barbeque area, a second dog park and a new water feature.
Damian Langere, a partner at Gelt, said the purchase will bring short and long-term returns on its investment because the area attracts a growing, affluent and well-educated workforce and is in close proximity to job centers.
Greg Harris, executive director with the Institutional Property Advisors division of Calabasas real estate brokerage Marcus & Millichap Inc., and Senior Directors Kevin Green and Joseph Grabiec, represented the buyer and seller in the deal.