Gelt Venture Partners Acquires Union Place Multifamily Property In Placentia For $63.15M

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.