Gortikov Capital said Monday it had acquired Samo Collection, an 11-building portfolio of 399 income- and rent- restricted affordable housing in Santa Monica for $120 million. The seller was not disclosed. The new ownership, which is based in Santa Monica, plans to undertake targeted renovations and has developed a strategy to optimize property performance and reduce expenses.
“For us, Santa Monica is not just an attractive place to invest – it’s our home,” said Bryan Gortikov, president of Gortikov Capital. “Our acquisition of the Samo Collection is a rare opportunity for us to invest in our community at scale, and we are incredibly excited to begin implementing our plan to improve these assets, preserve and expand affordability that our community so desperately needs, and enable greater access for people to live in and enjoy our city.”
Following the acquisition, Gortikov Capital controls approximately 23% of Santa Monica’s affordable housing inventory built after 1990.
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