Santa Monica-based real estate investment and management company Gortikov Capital has acquired a 399-unit multifamily portfolio in Santa Monica for $120 million.

The portfolio, known as Samo Collection, spreads across 11 buildings. All the 399 units are considered to be income- and rent-restricted affordable housing, consisting of a mix of studio, one-, two- and three-bedroom apartments.

Gortikov, which specializes in multifamily properties, intends to renovate the properties, which were built between 1997 and 2009.

These renovations will include upgrades to common areas, sustainability improvements to reduce the portfolio’s carbon footprint and other enhancements designed to improve residents’ quality of life, according to a release.

The firm has also identified operational inefficiencies and developed a strategy to optimize property performance and reduce expenses. This includes further reducing income and rent levels within the Samo Collection, ultimately preserving and expanding affordability within Santa Monica, the company said.

“For us, Santa Monica is not just an attractive place to invest – it’s our home,” Bryan Gortikov, president of Gortikov Capital, said in a statement. “Our acquisition of the Samo Collection is a rare opportunity for us to invest in our community at scale, and we are incredibly excited to begin implementing our plan to improve these assets, preserve and expand affordability that our community so desperately needs, and enable greater access for people to live in and enjoy our city.”

With this new acquisition, Gortikov now controls approximately 23% of Santa Monica’s affordable housing inventory built after 1990, according to a release. The company’s goal is to preserve affordability and make a meaningful impact on its local community.