Updated Oct 29, 2024
Gelt Venture Partners Acquires Union Place Multifamily Property In Placentia For $63.15M
1500 Cherry St Placentia, CA 92870, USA
$63,150,000
Units
125
Asset Type
MultiFamily
Closing
Sep 11, 2023
About this deal
AI
Gelt Venture Partners (GVP) has acquired the Union Place apartment property in Placentia, CA. The property consists of 125 units and is located at 1500 Cherry Street. The transaction was completed for a sale price of $63.15 million. The multifamily asset spans an area of 5 acres in the Placentia market.
Summary of Transaction Details:
- Property Type: Multifamily
- Transaction Amount: $63,150,000
- Address: 1500 Cherry Street
- Market: Placentia
- Number of Units: 125
The buyers of Union Place are Gelt Venture Partners, represented by Josh Satin, Keith Wasserman, and Damian Langere. The transaction was facilitated by brokers Mike Murphy and Rachel Parsons from Berkadia.
GVP plans to invest around $3.25 million over the next two years to upgrade the interiors of the units and improve the common areas to meet the demands of modern renters.
On the Map
$63,150,000
MultiFamily
View full map
Players
Placentia MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
Loading comparables…
Deal FAQ
Visit Mike Murphy to view all their deals.
Browse California multifamily sales on Traded.
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.25%
Cash-on-Cash
-0.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93