Gelt Venture Partners, LLC (GVP) recently acquired Union Place, a 125-unit apartment property located at 1500 Cherry Street in Placentia, within north Orange County for $63.15 million from an undisclosed seller. Keith Wasserman of GVP stated that the asset provides significant upside potential through implementing a renovation program targeting luxury upgrades to unit interiors as well as making strategic common area and amenity improvements.
Union Place was originally designed as condominiums and opened in 2012; it is the only one of three buildings over 100 units to be built in the past 35 years in Placentia and one of only 10 multifamily properties over 100 units delivered since 2000 within five miles radius. Mike Murphy and Rachel Parsons from Berkadia represented both parties during this transaction process.
To capitalize on compelling opportunities due to distress caused by short-term high leverage loans, GVP plans on raising $150 million for its new fund over next three years .
