The Union Place apartment complex in Placentia, consisting of 125 units and originally designed as condos, has been sold for $63.15 million. The complex, located at 1500 Cherry St., was acquired by Gelt Venture Partners LLC based in Los Angeles.
GVP plans to invest approximately $3.25 million over the course of two years to upgrade the complex, which is currently in its original condition.
“GVP saw this asset as a prime opportunity to increase its value by implementing a renovation program that focuses on luxury upgrades to the unit interiors and strategic improvements to the common areas and amenities,” said Keith Wasserman, a partner at GVP.
According to Apartments.com, rents at Union Place range from $2,895 to $3,449. The apartments offer a variety of sizes ranging from one to three bedrooms, with square footage ranging from 700 to 1,343.
The complex is currently offering a $1,000 move-in special for certain apartments.
The planned upgrades by the new owner include the addition of kitchen islands, new cabinetry, vinyl plank flooring, tile backsplashes, quartz countertops, and recessed lighting. Common areas such as the pool and fitness center will also undergo improvements.
“With historically high occupancy rates, a current vacancy rate of less than 4%, and large unit sizes, Union Place is already a successful and distinguished community,” said Josh Satin, a partner at GVP. “Given these favorable factors, along with limited new supply in the area, we are confident that once the renovation plan is executed, Union Place will be well-positioned for sustained tenant demand and value appreciation.”
The transaction was represented by Mike Murphy and Rachel Parsons of Berkadia.
CapRock purchases industrial property in San Dimas
CapRock Partners, based in Newport Beach, has acquired a 165,070-square-foot, single-tenant industrial building in San Dimas.
The building, located at 300 E. Arrow Highway, sits on 8.3 acres in the San Gabriel Valley. It is leased to Western Pacific Storage Solutions, a company that designs and produces industrial storage solutions and shelving systems.
CapRock Partners paid for the building in cash, but the seller and purchase price have not been disclosed.
“The San Gabriel Valley is a prominent player in Southern California’s logistics and warehousing sector, and the current economic conditions present excellent investment opportunities,” said Bob O’Neill, senior vice president of acquisitions at CapRock Partners. “We continue to pursue strategic investments like this one that meet our criteria and offer strong returns for our institutional investors.”
Industry updates
Briana Succop has been appointed as the new senior investment director at Kairos Investment Management Co., based in Irvine. Kairos is a real estate private equity and debt platform. Succop will lead the firm’s business development team and oversee capital formation. Previously, she worked at AllianceBernstein, where she was responsible for business development in North America, South America, and Australia for AB’s private alternatives platform.
Peter Priebe has joined Ware Malcomb, a design firm in Irvine, as the new director of special practices. In this role, Priebe will focus on practice diversification, leadership, and Ware Malcomb real estate. He will also have oversight over the firm’s IT and human resource departments. Before joining Ware Malcomb, Priebe served as the CEO of Jerde, a design firm based in Los Angeles.
This article includes information on real estate transactions, leases, new projects, industry hires, new ventures, and upcoming events. It has been compiled from press releases by contributing writer Karen Levin. To submit items and high-resolution photos, please email Business Editor Samantha Gowen at [email protected]. Please allow at least a week for publication. All items are subject to editing for clarity and length.
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