Gelt Purchases Studio City Apartment Property for $76M

Gelt Inc., a Los Angeles-based real estate and asset management firm, has acquired Avalon Studio 4121, a 149-unit, value-add multifamily complex in Studio City, CA. Gelt plans on renaming the asset, and investing $5 million for interior renovations and common area upgrades.

“This core-plus asset is only one of three apartment properties in Studio City with more than 100 units built in the past 15 years, making it a very rare investment opportunity. We also liked its prime Los Angeles location, which attracts young professionals,” said Keith Wasserman, Partner with Gelt.

Built in 2009, the four-story, two-building property offers one- and two-bedroom units that include nine-foot ceilings, in-unit washers/dryers and private decks/patios. Community amenities include a fitness center, game room, TV lounge area and courtyards. The complex is located near retail and dining establishments, the 101 and 170 freeways and public transportation.