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Thursday, Mar 28, 2024

Gelt Buys Long Beach Multifamily for $156 Million

Tarzana-based real estate firm Gelt Inc. has acquired Volta on Pine, a 271-unit, apartment complex in Long Beach for $156 million.

Located at 635 Pine Ave., Volta on Pine was built in early 2021 and is situated on just over 1 acre. The property includes 93 studios, 94 one-bedroom units, 66 two-bedroom units and 18 three-bedroom units with an average size of 849 square feet.

Eleven of the units are affordable. The highly upgraded unit interiors include quartz countertops, stainless steel appliances, wood-style flooring, full size washer/dryers, NEST thermostats, and modern cabinetry with some units offering ocean views and balconies.

There is also 1,300 square feet of ground floor retail.

The seller, a joint venture of Holland Partner Group and North America Sekisui House, was represented by Blake Rogers, Hunter Combs, Alexandria Caniglia and Javier Rivera of Walker Dunlop. Gelt was self-represented.

“Volta on Pine is in the heart one of Southern California’s most desirable coastal cities for rental product,” said Keith Wasserman, partner with Gelt, in a statement. “We are thrilled to add this core asset to our growing portfolio that now totals more than 5,000 units on a national basis.”

Jeff Harris, a partner with Gelt added: “We are big believers in the downtown Long Beach story, with its tremendous job growth figures and strong multifamily fundamentals. Volta on Pine is a marquee asset with a world-class amenity set, and it is in a position to realize consistent performance as a function of the booming economy in Long Beach.”

Michael Aushenker
Michael Aushenker
A graduate of Cornell University, Michael covers commercial real estate for the San Fernando Valley Business Journal. Prior to the Business Journal, Michael covered the community and entertainment beats as a staff writer for various newspapers, including the Jewish Journal of Greater Los Angeles, The Palisadian-Post, The Argonaut and Acorn Newspapers. He has also freelanced for the Santa Barbara Independent, VC Reporter, Malibu Times and Los Feliz Ledger.

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