In a strategic move to bolster its real estate portfolio, Gelt Inc. acquired the Elevate Long Beach Apartments, a 160-unit property in Long Beach, California. The sale of the complex totaled $54.7 million, or roughly $341,875 per unit, and the seller was Pacific Urban Residential, according to public records.
CBRE Global Investors helped facilitate the acquisition by providing $41.5 million in acquisition financing. The funding of the loan package comes with a variable interest rate and an initial three-year term, with the borrower having the flexibility to extend the maturity date by two additional years.
The property, located at 225 W. Third St., was originally constructed in 1999 and offers diverse living spaces. Elevate Long Beach Apartments comprises studios and one- and two-bedroom apartments featuring floor plans ranging from 450 to 973 square feet. The five-story property also boasts a host of desirable amenities, including a rooftop sundeck with grilling stations, a fitness center, a swimming pool, a spa, a business center, and a resident lounge.
The property is situated in downtown Long Beach, which gives residents the convenience of being within walking distance of numerous shopping and dining options. Additionally, the Pacific Avenue Station of the Metro Blue Line-Light Rail is just two blocks away, providing seamless access to public transportation. Cesar E. Chavez Park and the Aquarium of the Pacific, both less than a mile away, offer additional recreational and cultural experiences.
