Gelt Pays $156M for New Long Beach Apartments
By Greg Cornfield January 24, 2022 5:30 pm
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Investment firm Gelt announced it’s keeping the multifamily momentum going in Southern California by paying $156 million for a new 271-unit community in downtown Long Beach.
A joint venture of Holland Partner Group and North America Sekisui House sold the property, called Volta on Pine and completed in 2021. The Class A community at 635 Pine Avenue includes 11 units designated as affordable housing.
“We are big believers in the downtown Long Beach story, with its tremendous job growth figures and strong multifamily fundamentals,” Jeff Harris, a partner in Gelt, said in a statement. “Volta on Pine is a marquee asset with a world-class amenity set, and it is in a position to realize consistent performance as a function of the booming economy in Long Beach.”
The community includes a mix of studio, one-, two- and three-bedroom units averaging 849 square feet. Gelt’s Keith Wasserman said the firm’s national portfolio features more than 5,000 units, including 1,000 units in Southern California. Last year, the firm acquired the 160-unit Elevate Long Beach and the 312-unit Oasis Anaheim.
“Southern California is a prime investment market for us as the demand for quality rental communities outpaces the inventory, and we see that continuing over the next few years,” said Gelt CIO Josh Satin.
This is in keeping with a national trend of brisk investment in multifamily — so much so that there is talk of a bubble in the sector.
In 2022, Gelt nonetheless hopes to acquire multifamily properties in Denver, Salt Lake City, Portland, Ore., and Southern California.
Holland Partner Group and North America Sekisui House were represented by Blake Rogers, Hunter Combs, Alexandria Caniglia and Javier Rivera of Walker Dunlop. Gelt repped itself in the sale
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
