Tarzana-based Gelt Inc. has acquired a 271-unit multifamily building in downtown Long Beach for $156 million. The company announced the acquisition of the property, located at 635 Pine. Ave., on Jan. 24.
Gelt purchased the property, known as Volta on Pine, from Vancouver-based Holland Partner Group and Virginia-based North America Sekisui House.
“Volta on Pine is in the heart one of Southern California’s most desirable coastal cities for rental product,” Keith Wasserman, a partner at Gelt, said in a statement.
“We are thrilled to add this core asset to our growing portfolio that now totals more than 5,000 units on a national basis.”
Volta on Pine sits on more than an acre and was built in 2021. Of its 271 units, 93 are studio apartments, 94 are one-bedroom units, 66 are two-bedroom units and 18 are three-bedroom units. Eleven of the units at the property are affordable units.
Property amenities include a rooftop terrace, conference and meeting rooms, a courtyard with a fire pit, a pool and sundeck with a spa, a fitness center and a catering kitchen. The property also has 1,300 square feet of ground-level retail.
Gelt was self-represented in the transaction. The sellers were represented by Walker & Dunlop Inc.’s Blake Rogers, Hunter Combs, Alexandria Caniglia and Javier Rivera.
“Gelt has had a strong start to 2022 with the acquisition of Volta on Pine,” Josh Satin, chief investment officer at Gelt, said in a statement. “We now own four Southern California assets totaling approximately 1,000 units, including Elevate Long Beach and Oasis Anaheim, which were both acquired last year. Southern California is a prime investment market for us as the demand for quality rental communities outpaces the inventory, and we see that continuing over the next few years.”
The company is looking at making multifamily acquisitions in areas such as Denver; Salt Lake City; Portland, Ore.; and Southern California this year.
For Volta on Pine, the property’s Long Beach location was part of its desirability.
“We are big believers in the downtown Long Beach story, with its tremendous job growth figures and strong multifamily fundamentals,” Jeff Harris, a partner at Gelt, said in a statement. “Volta on Pine is a marquee asset with a world-class amenity set, and it is in a position to realize consistent performance as a function of the booming economy in Long Beach.”
The Long Beach multifamily market has seen a lot of demand from other investors in recent years as well.
Late last year, an apartment portfolio with 17 properties in Long Beach sold for $42 million. An institutional investment firm purchased the 155-unit property from an unnamed buyer in a 1031 exchange.
Newport Beach-based Waterford Property Co., with partners New York-based Turnbridge Equities and Beverly Hills-based Monument Square Investment Group, acquired the 14-acre City Place Long Beach with plans to revitalize and add other uses to the center.
They aren’t the only companies looking to add additional uses to shopping centers in Long Beach. Also last year, Onni Group of Cos. purchased a 6.2-acre shopping center at 6500 E. Pacific Coast Highway pegged for redevelopment for $68 million from Regency Centers Corp.
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