Gelt Venture Partners, LLC (GVP) acquired Union Place from an undisclosed seller for $63.15 million. The 125-unit apartment property is located at 1500 Cherry Street in Placentia, within north Orange County.

“GVP saw this asset as a prime opportunity to realize significant upside by implementing a renovation program targeting luxury upgrades to unit interiors as well as making strategic common area and amenity improvements,” said Keith Wasserman, a partner with GVP.

Opened in 2012, Union Place was originally designed as condominiums and is the only one of three buildings over 100 units to be built in the past 35 years in the City of Placentia. Additionally, it is one of only 10 multifamily properties over 100 units that has been delivered since 2000 within a five-mile radius.

Mike Murphy and Rachel Parsons of Berkadia represented both seller and buyer.

GVP intends to raise $150 million for its new fund to capitalize on compelling opportunities in the market over the next three years due to some distress from short-term high leverage loans.

Connect Orange County will take place Sept. 27, 2023 at VEA | Newport Beach Marriott in Newport Beach, concurrently with Connect Healthcare Real Estate on Sept. 27 and 28. Click here to register for Connect Orange County, and here to register for Connect Healthcare Real Estate.