Gelt Pays M for 125-Unit Property in Orange County
Gelt Venture Partners (GVP) is beefing up its multifamily portfolio in Southern California. The firm announced Monday it agreed to pay $63.2 millio...
Gelt Venture Partners (GVP) is beefing up its multifamily portfolio in Southern California. The firm announced Monday it agreed to pay $63.2 million for a 125-unit apartment property in Orange County called Union Place as it looks to expand its multifamily portfolio over the next year and a half. Records show the 5-acre asset at 1500 Cherry Street in Placentia, Calif., was owned by an entity run by MG Properties . 'GVP saw this asset as a prime opportunity to realize significant upside by implementing a renovation program targeting luxury upgrades to unit interiors as well as making strategic common area and amenity improvements,' Keith Wasserman , a partner with GVP, said in a statement.