Gelt Venture Partners, LLC (GVP) has recently acquired Rancho Hills Apartments for $53.5 million in the thriving San Diego market. The 148-unit garden-style apartment property, located at 856 Heatherwood Ln., was purchased by GVP with representation from CBRE’s Rachel Parsons, Derrek Ostrzyzek and Mike Murphy.
According to partner Keith Wasserman of GVP, this acquisition presents an ideal opportunity for the company to add value within the region which boasts a consistent 95% occupancy rate and steady rent growth. Built in 1986 on a spacious 7.33 acres of land, this property features ten two-story buildings that have undergone recent interior renovations by its undisclosed seller.
In line with their commitment to enhancing properties under their management portfolio,Gelt plans to revamp Rancho Hills’ exterior through contemporary painting schemes for both buildings and balconies as well as improved landscaping efforts across all common areas including poolside amenities furnished with resort-style furniture.
This latest acquisition marks Gelt’s first venture into San Diego real estate market without any mention of sources or Connect CRE involvement.
