SOLD
Gelt Venture Partners Acquires Union Place Multifamily Property In Placentia For $63.15M
1500 Cherry Street
MultiFamily
Sold 235 days ago
Summary
Sale
CALIFORNIA
MultiFamily
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.
Players
All
3
Agents
2
Agencies
1
Details
SOLD
IMAGE: Mike Murphy, Keith Wasserman, Rachel Parsons, Josh Satin & Damian Langere
DATE: 09/11/2023
ADDRESS: 1500 Cherry Street
MARKET: Placentia
ASSET TYPE: Multifamily ~ ACRES: 5
BUYER: Gelt Venture Partners, LLC - Josh Satin (@jsatin3), Keith Wasserman (@kfwasserman) & Damian Langere (@Damianlangere)
BROKERS: Mike Murphy & Rachel Parsons - Berkadia (@berkadia)
SALE PRICE: $63,150,000
UNITS: 125 ~ PPU: $505,200
NOTE: Gelt Venture Partners (GVP) has purchased the 125-unit Union Place apartment property in Placentia, CA, for $63.15 million. GVP plans to invest around $3.25 million over the next two years to upgrade unit interiors and common areas to meet modern renter demands.View on map
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Address1500 Cherry Street
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