Los Angeles-based investment firm gelte announced the acquisition of a 149-unit multi-family building from AvalonBay Communities for $76 million.

Studio Avalon 4121 is at 4041-4121 Radford Ave in Studio City, a major neighborhood on the north side of the Hollywood Hills in Los Angeles’ San Fernando Valley. Gelt plans to renovate and rename the property over the next three years.

The four-story, two-building community was completed in 2009 and was approximately 98% occupancy when the transaction closed.

“This core-plus asset is just one of three apartment buildings in Studio City with over 100 units built in the last 15 years, making it a very rare investment opportunity in this sub- market which presents very high barriers to entry for new developments”, de Gelt Keith Wasserman said in a statement.

The development features one- and two-bedroom units averaging 808 square feet. The 1.3-acre property also includes a fitness center, recreation room, lounge area, and classes.

“With unit interiors in their original condition, Gelt is planning a capital improvement program by investing approximately $5 million in renovating all unit interiors and upgrading amenities in common areas,” said Gelt. Jeff Harris said.

Los Angeles-based Gelt said it has acquired a portfolio of apartments, RV and mobile home sites and self-storage units worth more than $2 billion. Earlier this year, the company purchased a 271-unit community in downtown Long Beach to $156 million.

“We have strategically targeted properties in Southern California over the past 18 months and look to continue this trend due to compelling risk-adjusted returns,” said the company’s chief information officer, Josh Satinsaid.

Gregory Cornfield can be reached at [email protected].