A Canyon Country apartment complex has sold for over $62 million, officials said Monday.

Los Angeles-based investment and asset manager Gelt, Inc. has sold the Monterra Ridge Apartments for $62.5 million to the Culver City-based BAG Investments, according to company officials.

“After executing on our value-add improvement plan, and noting a healthy multifamily sales market in Southern California, our team at Gelt determined we could hit our projected eight-year investment goal after just three and a half years into our investment,” said Keith Wasserman, co-founder and partner with Gelt.

The 16-building community sits on just under 22 acres, and includes 88 one-bedroom/one-bathroom apartments and 144 two-bedroom/two-bathroom units.

Gelt acquired the property in 2016, investing a capital improvement budget to renovate approximately 65 percent of the units, according to the company.

The Canyon Country apartment complex on Whites Canyon Road marks one of the largest commercial real estate deals in the area, according to officials.

Gregory Harris, Kevin Green and Joseph Grabiec from Institutional Property Advisors, a division of Marcus and Millichap, represented both sides of the transaction, according to the company.

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