Gelt Inc. has acquired Elevate Long Beach Apartments, a 160-unit property in Long Beach, Calif. Pacific Urban Residential sold the community previously known as Sofi on Third for $54.7 million, public records show. The property will be rebranded, "Elevate Long Beach".
CBRE Global Investors provided $41.5 million in acquisition financing. The mortgage has a variable interest rate and an initial three-year term. The borrower has the option to extend the maturity date by two additional years. JLL Capital Markets arranged the loan on behalf of the buyer.
The property located at 225 W. Third St. was completed in 1999. The community provides a combination of studios and one- and two-bedroom apartments with floorplans ranging from 450 to 973 square feet.
The five-story property features a rooftop sundeck with grilling stations, fitness center, swimming pool, spa, business center and resident lounge. Elevate Long Beach is within walking distance of various shopping and dining options in downtown Long Beach. The location provides convenient access to public transport via the Pacific Avenue Station of the Metro Blue Line-Light Rail two blocks away. Cesar E. Chavez Park and Aquarium of the Pacific are less than a mile away from the community.