Gelt Venture Partners Makes First San Diego Acquisition

Gelt Venture Partners, LLC (GVP) has acquired Rancho Hills Apartments for $53.5 million. The 148-unit garden-style apartment property is located at 856 Heatherwood Ln. in the north San Diego County community of Vista and represents GVP’s first acquisition in the San Diego market.

CBRE’s Rachel Parsons, Derrek Ostrzyzek and Mike Murphy represented both GVP and the undisclosed seller. “This was an ideal opportunity for Gelt to acquire a value-add asset within the thriving San Diego market,” said partner Keith Wasserman with GVP. “Over recent quarters, the region has hovered around 95% apartment occupancy and rents continue to grow as new supply over the past 12 months has been just 1%, with much of the development focused in the downtown core.”

Built in 1986, the garden-style property consists of 10 two-story buildings and is situated on 7.33 acres.  The seller recently conducted an extensive capital improvement program for the unit interiors. Gelt plans to enhance the property’s exterior by painting the buildings and balconies with a contemporary color scheme, redoing all landscaping and adding resort-style furniture in the pool area.