Gelt Inc., a Tarzana-based multifamily investment company, recently announced its 18th acquisition in California. On Thursday, the company announced it acquired The Oasis, a 312-unit apartment complex in Anaheim for $146 million, or approximately $467,948 per unit.
According to the property’s website, the apartment complex is located at 3530 E. La Palma Avenue and offers both one- and two-bedroom units ranging in size from just over 600 square feet to more than 1,200 square feet. In addition, the property offers a variety of tenant amenities including a clubhouse, business center, fitness center, game room, and a pool and spa area.
In its announcement, Gelt said the property also will undergo approximately $5.7 million in renovations and upgrades.
Prior to the acquisition, the company was owned by CH Realty Investments, a Los Angeles-based real estate investment firm with a focus on multifamily properties. According to public records, the company acquired The Oasis in 2018 for approximately $106 million.
The most recent transaction marks Gelt’s 18th acquisition in California and its 45th acquisition in the Western U.S. Founded in 2009, the company’s portfolio spans several states throughout the U.S., including Washington, Oregon, Utah, Colorado, New Mexico and Texas. In total, the company has acquired 10,785 units since its founding.
According to Gelt’s website, the current California portfolio consists of 1,089 units, with recent acquisitions including the 254-unit Reseda development site in 2016 and the 665-unit Southmark Storage facility in Pasadena, which was purchased in 2018. The company also owns approximately 700,000 square feet of commercial space in California, including office, retail and industrial assets.