The 232-unit Monterra Ridge Apartments in Canyon Country were recently sold by Los Angeles-based investment and asset manager Gelt Inc. for $62.5 million.
The 22-acre property, located at 28085 Whites Canyon Road, features 16 buildings with 88 one-bedroom, one-bathroom units along with 144 two-bedroom, two-bathroom apartments.
Gregory Harris, Kevin Green and Joseph Grabiec of Institutional Property Advisors, a division of Marcus and Millichap, represented both sides of the transaction.
“After executing on our value-add improvement plan, and noting a healthy multifamily sales market in Southern California, our team at Gelt determined we could hit our projected eight-year investment goal after just three-and-a-half years into our investment,” Keith Wasserman, co-founder and partner with Gelt, said in a prepared statement.
After acquiring the property in 2016, Gelt invested a capital improvement budget to renovate approximately 65% of the units.