LA-based Gelt Inc has acquired Monterra Ridge, a 232-unit apartment community in Santa Clarita, for $45.5 mil, or $196k/unit. The asset was sold by FPA Multifamily.
Built in 1985, Monterra Ridge is located at 28085 Whites Canyon Rd in the city’s Canyon Country neighborhood. The pet-friendly, 16-building community is situated on just under 22 acres and includes 88 one-bedroom/one-bathroom units and 144 two-bedroom/two-bathroom units. It features covered parking, a fitness center, a sand volleyball court, a clubhouse with a community room and swimming pool and spa.
“Monterra Ridge is an ideal addition to Gelt’s growing apartment portfolio. It had no deferred maintenance and has had consistently high occupancy,” said Keith Wasserman, partner with Gelt, Inc. “We are planning on adding value to the community through some key renovations that will make it even more attractive and meet the demands of the area’s residents who are seeking quality rental product.”
Gelt plans to renovate the majority of the unit interiors as they become available by adding vinyl plank flooring, new cabinets, stainless steel appliances, and new countertop surfaces in the kitchen and bathrooms. Also planned is an extensive remodel of the leasing office and fitness center; the addition of a barbeque area; existing dog park renovation and addition of a second dog park; and the installation of a new water feature.
Founded in 1985, FPA has owned over 85,000 apartment units valued at over $7 bil. FPA is currently investing through its value-add focused FPA Apartment Opportunity Fund V, which will acquire approximately $1.4 bil of assets, and its core plus focused FPA Core Plus Fund III, which will acquire approximately $500 mil of assets.