Monterra Ridge apartment complex at 28085 Whites Canyon Road in Santa Clarita.

Monterra Ridge apartment complex at 28085 Whites Canyon Road in Santa Clarita.

Tarzana real estate investment and management firm Gelt Inc. has sold Monterra Ridge Apartments in Santa Clarita for $62.5 million, according to the company.

Culver City-based BAG Investments bought the 232-unit property.

Located at 28085 Whites Canyon Road, Monterra Ridge is a pet-friendly, 16-building project on just under 22 acres. It includes 88 one-bedroom/one-bathroom units and 144 two-bedroom/two-bathroom units. It has covered parking, a fitness center, a sand volleyball court, a clubhouse, swimming pool and spa.

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

Gelt purchased the property in June 2016 for $45.5 million and proceeded with a capital improvement program that included renovating approximately 65 percent of the unit interiors.

“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. We decided it was a good time to sell,” said Gelt co-founder and partner Keith Wasserman in a statement. “The new ownership has additional opportunities to add value through renovation of the remaining interiors as well as realize appreciation in the thriving and business-friendly Santa Clarita Valley.”

Gelt partner Jeff Harris added: “We have been seeking to grow our portfolio in key western region markets and will soon be trading the proceeds from this sale into a marquee multifamily asset in the Denver region.”

He noted that, in 2020, Gelt is looking to acquire $300 million of multifamily assets in Southern California, Denver, Salt Lake City, Portland, Seattle, Albuquerque and Reno.