Pasadena-based Gatehouse Partners, LLC, in partnership with real estate entrepreneur Ralph Giannella, has recently purchased an apartment complex located at 2121 Thomas Ave. in San Diego, in the Crown Point community of Pacific Beach.
On Tuesday, Giannella, one of the nation’s leading authorities on buying and transforming residential real estate, said he will be spearheading the complex’s rehabilitation and modernization.
“2121 Thomas Avenue has served San Diego’s rental community very well for half a century,” Giannella said in a statement. “Now, it is time to breathe new life into this special property through a comprehensive modernization. We are not just going to bring 2121 Thomas into the 21st century, but we are going to make it the most prestigious building in Pacific Beach – so that it will delight residents and beautify the community for many more decades to come.”
Once renovations to the 50-year old building are complete, each home will feature a new custom-designed kitchen with state-of-the-art appliances, bright and spacious new bathrooms, in-unit washer and dryer, energy-efficient air conditioning, home automation technology, and high-end fixtures and finishes throughout, according to the statement.
Since 1995, Giannella has personally bought, developed, and sold over $800 million worth of real estate, including large-scale apartment buildings, multimillion-dollar luxury homes, and more than 2,000 apartment homes.
Gatehouse Partners, LLC, with offices at 70 S. Lake Ave. in Pasadena, a private equity firm that specializes in investments in real estate developments and operating companies that focus on building materials, mining, and agricultural operations. The firm invests alongside talented, experienced, and high-quality local management teams and often provides liquidity for business owners, equity for key management, and capital for profitable growth.
A company statement said over the last 10 years their primary objective has been to create long-term value for operating partners and investors.
To learn more about the company, visit www.gatehouse-partners.com.