Union Place, a 125-unit apartment complex in Placentia, has been sold for $63.15 million to Gelt Venture Partners LLC. The complex, originally designed as condominiums, will undergo substantial upgrades by the new owner.
GVP plans to invest about $3.25 million over the next two years to renovate the apartments, which are currently in their original condition. The upgrades will include adding kitchen islands, new cabinetry, vinyl plank flooring, tile backsplashes, quartz countertops, and recessed lighting. Common areas will also be enhanced, with improvements to the pool and fitness center, as well as painting.
The complex offers a range of apartment sizes from one to three bedrooms, with rents ranging from $2,895 to $3,449, according to Apartments.com. The units have square footage ranging from 700 to 1,343. Currently, the complex is offering a $1,000 move-in special for certain apartments.
Keith Wasserman, a partner with GVP, expressed optimism about the investment, stating that the company sees the property as a prime opportunity for significant upside. The location within a coveted school district, along with the limited new supply in the area, makes Union Place well-positioned for sustained tenant demand and value appreciation.
CapRock Partners, a Newport Beach-based real estate firm, has also made a recent acquisition. The company purchased a single-tenant industrial building in San Dimas, covering 165,070 square feet. The building sits on 8.3 acres and is leased to Western Pacific Storage Solutions. CapRock Partners paid cash for the property, although the specific purchase price was not disclosed.
Bob O’Neill, Senior Vice President of Acquisitions at CapRock Partners, highlighted the attractiveness of the San Gabriel Valley in Southern California’s logistics and warehousing sector. The company aims to pursue strategic investments that meet their criteria and provide risk-adjusted returns for their institutional investors.
In other real estate news, Kairos Investment Management Co., an Irvine-based real estate private equity and debt platform, has hired Briana Succop as the new Senior Investment Director. She will lead the firm’s business development team and oversee capital formation. Succop brings experience from AllianceBernstein, where she was responsible for business development efforts in North America, South America, and Australia for the company’s private alternatives platform.
Ware Malcomb, an Irvine-based design firm, has also made a notable hire. Peter Priebe has been appointed as the new Director of Special Practices. He will focus on practice diversification, leadership, real estate, IT, and human resources. Priebe previously served as CEO at Jerde, a Los Angeles-based design firm.
These real estate transactions, leases, new projects, industry hires, and upcoming events demonstrate the ongoing activity and growth in the Southern California real estate market.