Gelt Inc. has expanded its Los Angeles metro footprint with the acquisition of Avalon Studio 4121, a 149-unit Class A community in Studio City, Calif. AvalonBay Communities sold the asset for $76 million.
Completed in 2009 on 1.3 acres, the community features one- and two-bedroom floorplans across two four-story buildings. Apartments average 808 square feet and include washers and dryers in all units, as well as private sundecks and patios in select units. Amenities at the green-certified property include a fitness center, a recreation room, a lounge area with TV, courtyards.
Located at 4041-4121 Radford Ave., Avalon Studio is near the 101 and 170 freeways, connecting the site to the nearby commuting, retail and dining options, as well as to various employment hubs such as Universal City, Burbank, Century City, Glendale, Hollywood and downtown Los Angeles.
Slated for capital improvements
Acknowledging the potential of this value-add investment, Gelt Partner Jeff Harris stated, in prepared remarks, that the company plans to invest $5 million in unit interiors and common-area amenity upgrades. Following the three-year improvement program’s implementation, units will feature stainless-steel appliances, quartz countertops, vinyl-plank flooring, tile backsplashes and modernized hardware, among others. Harris added that Gelt also plans to rename the property.
Gelt currently owns more than 730 units across metro Los Angeles, as shown by Yardi Matrix data. Earlier this year, the company expanded its Southern California footprint with the acquisition of a 271-unit multifamily property in Long Beach. The Oasis Anaheim and Elevate Long Beach Apartments also complement the Gelt’s Sunny State portfolio.