Tarzana real estate investment and management firm Gelt Inc. has sold its 16-building multifamily property Monterra Ridge Apartments in Santa Clarita for $62.5 million, according to the company. Culver City-based BAG Investments bought the 232-unit complex. The sale was announced Jan. 3. Located at 28085 Whites Canyon Road, Monterra Ridge is situated on just under 22 acres of land. The complex includes 88 one-bedroom/one-bathroom units and 144 two-bedroom/two-bathroom units, covered parking, fitness center, sand volleyball court, clubhouse, swimming pool and spa. Gelt purchased the property in June 2016 for $45.5 million and proceeded with a capital improvement program that included renovating 65 percent of unit interiors. The sale represents a 37 percent gain on its initial investment. Gregory Harris, Kevin Green and Joseph Grabiec from Institutional Property Advisors, a division of Marcus and Millichap Inc. in Calabasas, represented both transactional sides. “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,” Gelt partner Keith Wasserman said in a statement. 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.” Harris 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. The company already has a foothold in those markets. In November, Gelt paid $61 million for the Timber Lodge apartment complex, a 390-unit property located about nine miles from downtown Denver at 1769 Coronado Parkway in Thornton, Colo. In 2016, the company bought the 400-unit Westhills apartments at 453 Van Gordon St. in the Denver suburb of Lakewood for $66 million. In 2018, Gelt sold a 247-unit Monaco Apartments in Salt Lake City for an undisclosed price. At the time, Harris said the sale would free up capital to purchase another 1,000 units in the Utah market.
