A local real estate investor has paid $76 million for a 149-apartment building in Studio City.
Tarzana-based Gelt has purchased the four-story complex at 4041-4121 Radford Avenue, the San Fernando Valley Business Journal reported. The seller was Virginia-based AvalonBay Communities.
The price is $510,067 per unit.
The 13-year-old complex sits across from the CBS Studio Center, just south of the Los Angeles River. The beige resort has charcoal inlays with gray balconies and is surrounded by palm trees.
It contains two buildings, with one and two bedroom apartments that are 98% rented. Apartments average 800 square feet and include 9-foot ceilings, washers, dryers, and private patios.
Gelt aims to spend $5 million on a renovation that is expected to take three years, according to Jeff Harris, an associate at the firm. The 1.26-acre property includes a fitness center, game room, TV lounge, classes, and rental office.
Plans call for apartment upgrades that include stainless steel appliances, quartz countertops with undermount sinks, vinyl plank floors, tile backsplashes, cabinetry, new hardware and lighting. recessed.
The complex, called Avalon Studio 4121, will also be renamed.
“This core-plus asset is just one of three apartment buildings in Studio City with over 100 units built in the last 15 years, making it a very rare investment opportunity in this sub- market which presents very high barriers to entry for new developments,” Keith Wasserman, partner at Gelt, said in a statement.
Gelt, which focuses on multifamily properties, aimed in early 2020 to spend $300 million on new apartments in Southern California, New Mexico, Colorado, Oregon, Nevada, Utah and Washington. It now claims more than $2.3 billion in assets, according to its website.
In January, he bought a newly built apartment complex in downtown Long Beach for $156 million, after selling a 564-unit complex in Denver for $141 million.
In September, Gelt paid nearly $147 million for a 312-unit apartment complex in Anaheim.
— Dana Barthelemy