The 11-year-old, 125-unit Union Place apartment complex in Placentia — originally designed as a condo complex — has traded hands for $63.15 million
The complex at 1500 Cherry St. was acquired by Gelt Venture Partners LLC in Los Angeles.
The company said it will invest about $3.25 million over two years as it upgrades the complex, which is in its original condition.
“GVP saw this asset as a prime opportunity to realize significant upside by implementing a renovation program targeting luxury upgrades to unit interiors as well as making strategic common area and amenity improvements,” said Keith Wasserman, a Partner with GVP.
Rents at Union Place range from $2,895 to $3,449, according to Apartments.com. Apartments come in a variety of sizes from one to three bedrooms. Square footage ranges from 700 to 1,343.
As of Friday, the complex was offering a $1,000 move-in special for certain apartments.
The new owner’s upgrades will include adding kitchen islands, new cabinetry, vinyl plank flooring, tile backsplashes, quartz countertops and recessed lighting.
Improvements to common areas will feature painting and enhancements to the pool and fitness center.
“With a historically high occupancy rate and a current vacancy of less than 4%, large unit sizes, and a dense infill location within a coveted school district, this asset is already a successful and distinguished community,” said Josh Satin, a partner at GVP. “Given those fundamentals combined with a limited new supply coming to the area, we are confident that once the renovation plan has been executed, Union Place will be well-positioned for sustained tenant demand and value appreciation.”
Mike Murphy and Rachel Parsons of Berkadia represented both sides of the transaction.
CapRock buys industrial property in San Dimas
Newport Beach-based CapRock Partners has acquired a 165,070-square-foot, single-tenant industrial building in San Dimas.
CapRock said it paid cash for the building. It declined to identify the seller or the purchase price.
The 51-year-old property at 300 E. Arrow Highway sits on 8.3 acres in the San Gabriel Valley. It’s leased to Western Pacific Storage Solutions, which designs and makes industrial storage solutions and shelving systems.
“The San Gabriel Valley plays a prominent role in Southern California’s logistics and warehousing sector, and today’s economic conditions are generating some terrific investment opportunities,” said Bob O’Neill, senior vice president of acquisitions at CapRock Partners. “We continue to pursue strategic investments such as this that meet our criteria and provide risk-adjusted returns for our institutional investors.”
On the move
Briana Succop is the new senior investment director at Irvine-based Kairos Investment Management Co., a real estate private equity and debt platform. She will lead the firm’s business development team and direct Kairos’ capital formation. Succop was most recently at AllianceBernstein, where she was responsible for business development efforts in North America, South America and Australia for AB’s private alternatives platform.
Peter Priebe is the new director of special practices at Irvine-based design firm Ware Malcomb. He will focus on practice diversification, leadership and Ware Malcomb real estate. He also will have oversight over the firm’s IT and human resource departments. Previously, Priebe was chief executive officer at Jerde a Los Angeles-based design firm.
Real estate transactions, leases and new projects, industry hires, new ventures and upcoming events are compiled from press releases by contributing writer Karen Levin. Submit items and high-resolution photos via email to Business Editor Samantha Gowen at sgowen@scng.com. Please allow at least a week for publication. All items are subject to editing for clarity and length.