Gelt Nabs $42M From CBRE-Sponsored Fund for Long Beach Apartments
Elevate Long Beach Apartments includes 160 units
Persistent demand for multifamily real estate in Southern California continues.
A fund sponsored by CBRE (CBRE) announced it provided a $41.5 million mortgage loan for Gelt, Inc. to acquire Elevate Long Beach Apartments, a 160-unit multifamily community in Long Beach in Los Angeles County. The floating-rate loan has an initial term of three years, and can also extend by two more years.
The five-story apartment community at 225 West Third Street is located near the I-710 Freeway, Long Beach Airport, and Cal State University Long Beach. It was previously known as Sofi on Third, and it includes a rooftop sundeck, a 24-hour fitness center, a swimming pool and a resident lounge.
Brandon Smith, Annie Rice, and David Pelaia at JLL (JLL) Capital Markets arranged the loan on behalf of Gelt, which has been active around Southern California. Last year the firm sold a 232-unit community in Santa Clarita for $45.5 million.
Demand in Long Beach in particular has grown behind strong employment growth. Waterford Property Company recently acquired the 216-unit Oceanaire community about one block from the coast in Long Beach for $120 million. More recently, aerospace company Relativity Space signed a 1 million-square-foot lease for its new headquarters at the Goodman Commerce Center in Long Beach.
Gregory Cornfield can be reached at email@example.com.