Gelt, Inc. is pleased to announce it has acquired Volta on Pine for $156 million. The 271-unit, Class A apartment community is located at 635 Pine Avenue in downtown Long Beach, CA.
“Volta on Pine is in the heart one of Southern California’s most desirable coastal cities for rental product,” said Keith Wasserman, Partner with Gelt. “We are thrilled to add this core asset to our growing portfolio that now totals more than 5,000 units on a national basis.”
Volta on Pine was built in early 2021 and is situated on just over one-acre. The property includes 93 studios, 94 one-bedroom units, 66 two-bedroom units and 18 three-bedroom units with an average size of 849 square feet (sf). Eleven of the units are affordable. The highly upgraded unit interiors include quartz countertops, stainless steel appliances, wood-style flooring, full size washer/dryers, NEST thermostats, and modern cabinetry with some units offering ocean views and balconies. Volta on Pine’s on-site amenities include a rooftop terrace with BBQ and views, executive conference and meetings rooms, courtyard with fire pit, resort-style pool and sundeck with spa, outdoor grilling areas with smart TVs, fitness center, parcel lockers, bike storage, and fully equipped catering kitchen, among other features. There is also 1,300 sf of ground floor retail.
Jeff Harris Partner with Gelt added, “We are big believers in the downtown Long Beach story, with its tremendous job growth figures and strong multifamily fundamentals. Volta on Pine is a marquee asset with a world-class amenity set, and it is in a position to realize consistent performance as a function of the booming economy in Long Beach.”
The property is convenient to public transit and major thoroughfares such as Pacific Coast Highway and the 405 and 710 freeways. It is also walking distance to a number of shopping destinations, restaurants, beaches and places of employment.
Josh Satin, Chief Investment Officer with Gelt commented, “Gelt has had a strong start to 2022 with the acquisition of Volta on Pine. We now own four Southern California assets totaling approximately 1,000 units including Elevate Long Beach and Oasis Anaheim which were both acquired last year. Southern California is a prime investment market for us as the demand for quality rental communities outpaces the inventory, and we see that continuing over the next few years.”
In 2022, Gelt is looking to acquire multifamily properties in Denver, Salt Lake City, Portland, and Southern California.
The seller, a joint venture of Holland Partner Group and North America Sekisui House, LLC, was represented by Blake Rogers, Hunter Combs, Alexandria Caniglia and Javier Rivera of Walker Dunlop. Gelt was self-represented.