Gelt Acquires 149-Unit Apartment Community in Studio City for $76MM

Studio City, California

Gelt, a Los Angeles-based real estate investment and asset management firm, is pleased to announce it has acquired Avalon Studio 4121, a 149-unit value-add apartment property located at 4041-4121 Radford Avenue in Studio City, CA. Gelt bought the Class A asset for $76 million from Avalon Bay.

“This core-plus asset is only one of three apartment properties in Studio City with more than 100 units built in the past 15 years, making it a very rare investment opportunity in this submarket which has very high barriers to entry for new development,” said Keith Wasserman, Partner with Gelt. “We also liked its prime Los Angeles location, which attracts young professionals seeking access to nearby retail and dining amenities, public transportation, freeways, and proximity to the thriving employment base within and around the submarket.”

Built in 2009, the four-story, two-building property is situated on 1.26 acres and was approximately 98% occupied at the close of escrow. The property offers one- and two-bedroom units with an average size of 808 square feet that include nine-foot ceilings, in-unit washer/dryers, and private sundecks and patios in select units. On-site amenities feature a fitness center, game/recreation room, lounge area with TV, courtyards, and leasing office.

“With the unit interiors in their original condition, Gelt is planning a capital improvement program by investing approximately $5 million in renovating all unit interiors and making common area amenity upgrades,” said Jeff Harris, Partner with Gelt. Harris noted that Gelt is also planning to rename the property and anticipates that the entire renovation program will be complete in approximately three years.

The firm’s plans for the unit interior upgrades include installation of stainless-steel appliances, quartz countertops with undermount sinks, vinyl plank flooring, tile backsplashes, cabinets, modernized hardware, and recessed lighting and fixtures. Gelt will also selectively make upgrades to the common area amenities which are currently in good condition.

“We have strategically targeted properties in Southern California over the past 18 months and look to continue that trend moving forward because of compelling risk-adjusted returns,” said Josh Satin, Gelt’s Chief Investment Officer. “Avalon Studio 4121 is a Class A asset at a ‘main and main’ location that fits our investment thesis of acquiring quality Southern California real estate."

The property offers immediate access to the 101 and 170 Freeways, allowing for convenient access to nearby employment hubs of Universal City, Burbank, Century City, Glendale, Hollywood, and Downtown LA.

About Gelt:

Gelt Inc. is a regional real estate investment and asset management company that seeks to acquire properties in strategic markets in the Western U.S. Since the company's inception in 2008, Gelt has acquired 14,846 apartment units, RV and mobile home sites, self-storage units, and apartment units in development, valued in excess of $2 billion. The firm’s philosophy is to be a prudent steward of investment capital, to invest wisely and confidently in emerging, constrained markets. Gelt seeks appropriate risk adjusted returns while achieving income from current cash flow and appreciation through superior performance of its assets.

Gelt consists of a team of real estate professionals that possess a wealth of knowledge and expertise in law, real estate, finance, property and asset management, and construction.

Gelt’s affiliated companies include Domuso and Gelt Venture Capital. Domuso is driving digital transformation for rent payments in the multifamily industry with a digital payment and communication platform to manage the entire resident lifecycle, from move-in to move-out. Domuso is the only payment provider capable of capturing 100 percent of a property’s receivables electronically while giving residents the flexibility to choose from multiple payment methods from any mobile device. Domuso removes paper payments from the leasing office by replacing money orders with the industry’s only Online Certified payment method.

Other Domuso innovations include a point-of-sale Installment Loan option, secure off-site cash payments in partnership with MoneyGram and the ability for residents to pay with a photo of their check using Mobile Check Pay. Three of the top 10 NMHC property management firms use Domuso because it improves financial performance, reduces business risk and streamlines operations. Domuso is privately held and headquartered in the heart of Silicon Beach in Santa Monica, California. For more information, visit

Gelt Venture Capital is an early stage venture capital firm that invests globally across all sectors (except biotech, blockchain, and cannabis). Initial investment sizes range from $25k to $250k. The firm is not afraid to be a founder’s first investor, and welcomes opportunities to come in late. It also provides early liquidity to investors, founders, and employees in the secondary market. Gelt Venture Capital looks for:

• Exceptional products with differentiated distribution channels, and incumbents that are un-incentivized to react • Unique, capital efficient business models with clear revenue prospects and hints of large markets • Early evidence of sustainable competitive advantages • Ethical business practices, sound governance, and teams who take a stand for what’s right

In 2017, Keith Wasserman and Damian Langere, co-founders of the Gelt companies, established the Resident Relief Foundation, a 501(c)(3) public nonprofit whose mission is to provide temporary rental assistance grants to responsible renters going through an unexpected financial crisis that was outside the residents’ control. Examples include medical emergencies, natural disasters, job gaps, auto accidents, and government subsidy discrepancies. These residents prove they can recover with a little help, have paid rent on time and are otherwise good residents wishing to stay in their apartments. They must complete an online financial education program as a condition of the grant. The grant is paid directly to the property on their behalf. RRF has helped a significant number of individuals and families recover and avoid homelessness.

The firm strives to stay on top of industry trends and is always on the lookout for new technologies that simplify life for its leasing agents and help its properties run smoothly.

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