Tarzana-based real estate firm Gelt Inc. has acquired Volta on Pine, a 271-unit, apartment complex in Long Beach for $156 million.
Located at 635 Pine Ave., Volta on Pine was built in early 2021 and is situated on just over 1 acre. The property includes 93 studios, 94 one-bedroom units, 66 two-bedroom units and 18 three-bedroom units with an average size of 849 square feet.
Eleven of the units are affordable. The highly upgraded unit interiors include quartz countertops, stainless steel appliances, wood-style flooring, full size washer/dryers, NEST thermostats, and modern cabinetry with some units offering ocean views and balconies.
There is also 1,300 square feet of ground floor retail.
The seller, a joint venture of Holland Partner Group and North America Sekisui House, was represented by Blake Rogers, Hunter Combs, Alexandria Caniglia and Javier Rivera of Walker Dunlop. Gelt was self-represented.
“Volta on Pine is in the heart one of Southern California’s most desirable coastal cities for rental product,” said Keith Wasserman, partner with Gelt, 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.”
Jeff Harris, a partner with Gelt added: “We are big believers in the downtown Long Beach story, with its tremendous job growth figures and strong multifamily fundamentals. 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.”