LONG BEACH, CALIF. – July 12, 2021 – A fund sponsored by CBRE Global Investors has closed on a $41.5 million mortgage loan for Gelt, Inc. to acquire Elevate Long Beach Apartments, a 160-unit multifamily community in Long Beach, Calif. The floating-rate loan has an initial term of three years, which can extend up to two additional years, and includes future funding to finance the sponsor’s business plan.
Elevate Long Beach, formerly known as Sofi on Third, is a five-story mid-rise apartment community that includes a mix of studio, one- and two-bedroom units. Amenities at the property include a rooftop sundeck with grilling stations, a 24-hour fitness center, a swimming pool, a resident lounge, and a secured subterranean parking garage.
“Elevate Long Beach is well-positioned in Downtown Long Beach, which we believe will continue to thrive as a dynamic submarket with excellent fundamentals,” said Charles Kim, Managing Director for CBRE Global Investors. “This asset has performed well historically and we believe will continue to benefit not only from its premier location, but also from the new owner’s targeted capital improvement strategy.”
Brandon Smith, Annie Rice, and David Pelaia at JLL Capital Markets in Los Angeles arranged the loan on behalf of Gelt.
The property, located at 225 West 3rd Street, provides residents with convenient access to the I-710 Freeway, the Long Beach Airport, Cal State University Long Beach, and major employers in the area. Elevate Long Beach is also walking distance to several retail and entertainment destinations and public transit via the Metro Blue Line-Light Rail at Pacific Avenue Station, which is situated two blocks away.
About CBRE Global Investors
CBRE Global Investors is a global real assets investment management firm with $124.5 billion in assets under management* as of March 31, 2020. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE). It harnesses the research, investment sourcing and other resources of the world’s largest commercial real estate services and investment firm (based on 2020 revenue) for the benefit of its investors. CBRE Group, Inc. has more than 100,000 employees serving clients in more than 100 countries. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com
*Assets under management (AUM) refers to the fair market value of real assets-related investments with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real assets-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers.