Los Angeles-based investment and asset manager Gelt, Inc. has sold the 232-unit Monterra Ridge Apartments in Canyon Country to Culver City-based BAG Investments for $62.5 million.
The property is located at 28085 Whites Canyon Rd., Canyon Country 91351.
Gregory Harris, Kevin Green and Joseph Grabiec from Institutional Property Advisors, a division of Marcus and Millichap, represented both sides of the transaction.
The 16-building community sits on just under 22 acres, and includes 88 one-bedroom/one-bathroom apartments and 144 two-bedroom/two-bathroom units.
Gelt acquired the Monterra Ridge Apartments in 2016, investing a capital improvement budget to renovate approximately 65 percent of the units.
“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,” said Keith Wasserman, co-founder and partner with Gelt.