Union Place Apartments in Placentia Sell for $63 Million – Orange County Register
Union Place, a 125-unit apartment complex originally designed as condominiums in Placentia, has sold for $63.15 million. The new owner plans to make major upgrades to the apartments. (Image courtesy of Gilt Venture Partners)
The 11-year-old 125-unit Union Place apartment complex in Placentia — which was originally conceived as an apartment complex — has traded for $63.15 million
Los Angeles firm Gelt Venture Partners LLC acquired the complex at 1500 Cherry St.
The company said it will invest about $3.25 million over two years to modernize the complex, which is now in its original state.
“GVP saw this asset as a prime opportunity to realize significant gains by implementing a renovation program targeting luxury upgrades to the units’ interiors as well as strategic improvements to the common area and amenities,” said Keith Wasserman, partner at GVP.
Rents at Union Place range from $2,895 to $3,449, according to Apartments.com. Apartments are available in a variety of sizes from one to three bedrooms. The 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 the addition of new kitchen islands and cabinets, vinyl plank flooring, tile backsplash, quartz countertops, and recessed lighting.
Improvements to the common areas will include painting and improvements to the pool and fitness center.
“With a historically high occupancy rate and a current vacancy rate of less than 4%, large unit sizes, and a dense infill location within a desirable school district, this asset is already a successful and distinguished community,” said Josh Sattin, partner at the 2017-2019 New York City Commerce and Investment Company. GVP. “Given these fundamentals combined with the limited new supply coming to the area, we are confident that once the regeneration plan is implemented, Union Place will be well placed to meet continued tenant demand and value appreciation.”
Mike Murphy and Rachel Parsons of Berkadia represented both sides of the deal.
CapRock is buying industrial properties 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. She declined to specify the seller or the purchase price.
The 51-year-old property is located at 300 E. Arrow Highway on 8.3 acres in the San Gabriel Valley. It is leased to Western Pacific Storage Solutions, which designs and manufactures industrial storage solutions and racking systems.
“The San Gabriel Valley plays a prominent role in the logistics and warehousing sector in Southern California, and the current economic conditions are generating some great investment opportunities,” said Bob O’Neill, senior vice president of acquisitions at CapRock Partners. “We continue to pursue strategic investments like this that meet our criteria and provide risk-adjusted returns for our institutional investors.”
It moves
Brianna Soukup is the new chief investment officer at Irvine-based Kairos Investment Management Co., a private equity and real estate debt platform. She will lead the company’s business development team and guide Kairos’ capital formation process. Succop most recently worked at AllianceBernstein, where she was responsible for business development efforts in North America, South America and Australia for AB’s alternatives platform.
Peter Priebe is the new director of private practice at Irvine-based design firm Malcolm Ware. He will focus on practice diversification, leadership and Ware Malcomb real estate. He will also oversee the company’s IT and Human Resources departments. Previously, Priebe was CEO of Jerde, a Los Angeles-based design firm.
Real estate transactions, rentals, new projects, industry hiring, new projects and upcoming events are compiled from press releases by contributing writer Karen Levine. Email items and high-resolution photos to Business Editor Samantha Gowen at sgowen@scng.com. Please allow at least a week to post. All items are edited for clarity and length.
