Gelt Sells Santa Clarita Multifamily for $63M

Los Angeles-based investment and asset manager Gelt, Inc. has sold the 232-unit Monterra Ridge Apartments to Culver City-based BAG Investments for $62.5 million. The property is located at 28085 Whites Canyon Rd. in Santa Clarita, CA, a northern suburb of Los Angeles.

Gregory Harris, Kevin Green and Joseph Grabiec from Institutional Property Advisors, a division of Marcus and Millichap, represented both sides of the transaction.

The 16-building community sits on just under 22 acres, and includes 88 one-bedroom/one-bathroom apartments and 144 two-bedroom/two-bathroom units. Gelt acquired the property in 2016, investing a capital improvement budget to renovate approximately 65 percent of the units.

“After executing on our value-add improvement plan, and noting a healthy multifamily sales market in Southern California, our team at Gelt determined we could hit our projected eight-year investment goal after just three-and-a-half years into our investment,” said Keith Wasserman, co-founder and partner with Gelt.

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