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

Property Image
SOLD
$63,150,000
Mike Murphy
Rachel Parsons
Keith Wasserman
+ 1

California

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MultiFamily
Sold 09/11/2023
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Property Image
SOLD

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

1500 Cherry St Placentia, CA 92870, USA

See Similar Deals
MultiFamily
Sold 09/11/2023
Mike Murphy
Rachel Parsons
Keith Wasserman
+ 1
the dealplayerscompscontact
Contact now

Summary

CALIFORNIA
Asset Type:MultiFamily
Transaction Type:Sale

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

Rachel Parsons
CBRE
Rachel Parsons
15 deals$1.2B volume(858) 945-0992
BROKER
Mike Murphy
Berkadia
Mike Murphy
7 deals$538.3M volume
BROKER
JS
Josh Satin
3 deals$179.2M volume
BUYER

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.

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