Gelt Acquires 491-Unit Apartment Portfolio in Two Seattle Submarkets for $74 Million
Los Angeles, Calif., April 3, 2018 – Gelt Inc., a Los Angeles-based real estate investment and asset management firm, announced today it has acquired a two-property apartment portfolio totaling 491 units for $74 million ($150,712 per unit, combined) in two Seattle submarkets. The properties include The Row, a 247-unit asset in the City of Kent, and The Union, a 244-unit property in the City of Federal Way.
Gelt Sells 150-Unit Capella Place Apartment Community for $19.6 Million in Phoenix, Arizona
Gelt Inc., a Los Angeles-based real estate investment and asset management firm, announced today it has sold Capella Place, a 150-unit apartment property in Phoenix for $19.6 million ($130,500 per unit). Gelt acquired the property in August 2012 for $9.3 million ($62,000 per unit) and embarked on a strategic renovation and repositioning plan, more than doubling its value upon disposition.
Happy Home Communities Acquires a 201-Space Mobile Home Park Portfolio for $6.9 Million in Foley, Alabama
LOS ANGELES, CA – Happy Home Communities (HHC), the mobile home park and RV park investment arm of Gelt Inc., a Los Angeles-based multifamily real estate investment and asset management firm, has acquired a 201-space mobile home park portfolio in Foley, AL, a city in Baldwin County. HHC acquired the two-property 90 percent occupied portfolio from a private seller for $6.9 million.
Happy Home Communities Acquires a 439-space Mobile Home Park Portfolio
Happy Home Communities (HHC), the mobile home park and RV park investment arm of Gelt Inc., a Los Angeles-based multifamily real estate investment and asset management firm, has acquired a mobile home park portfolio in central and northeast Pennsylvania. HHC acquired the three-property 439-space portfolio from Horizon Land Company for $13 million.
Gelt, Inc. Acquires 580-Unit Apartment Portfolio for $107 Million in Lakewood, Colorado
Los Angeles, Calif., July 5, 2017 – Marking the firm’s largest property acquisition to date, Gelt Inc., a Los Angeles-based real estate investment and asset management firm, has acquired a two-asset, 580-unit apartment portfolio for $107 million. Gelt has surpassed $1 Billion in acquisitions!
Gelt, Inc. acquires 472-Unit Mountain Run Apartments in Albuquerque, New Mexico
Los Angeles, Calif., June 26, 2017 – Marking the firm’s foray into New Mexico, Gelt Inc., a Los Angeles-based real estate investment and asset management firm, has acquired Mountain Run Apartments, a 472-unit community in Albuquerque. The seller was Chartwell Capital Partners.
U.S. Needs 4.6 Million New Apartments By 2030 To Keep Up With Demand
The U.S will need 325,000 new apartments, especially in the West, every year between now and 2030 to meet the growing demand as more people move away from buying houses and choose apartments, according to a release of a new study from Hoyt Advisory Services.
Chinese Family Offices Increase US Investment Activity
The $33 Billion of Chinese real estate investment in the US has come from ostly institutional capital, but now, smaller family offices and high net worth investors are becoming active in US markets.
Gelt, Inc. Names Former Major League Baseball Player Josh Satin as Asset and Acquisitions Coordinator
Los Angeles, Calif., December 07, 2016 – Gelt Inc., a Los Angeles-based multifamily real estate investment and asset management firm, is pleased to announce it has named Josh Satin as Asset and Acquisitions Coordinator. Satin, an avid real estate investor and recently retired Major League Baseball player, will be responsible for investor relations and working with Gelt’s team to identify and acquire apartment properties.
Gelt Acquires 228-Unit Apartment Community for $39.5 Million Near Portland, Oregon
Los Angeles, Calif., October 28, 2016 – Marking its first acquisition in Oregon, Gelt Inc., a Los Angeles-based real estate investment and asset management firm, has acquired Powell Valley Apartment Homes for $39.5 million. The 228-unit apartment community is located at 1500 SW Pleasant View Drive in Gresham, a suburb of Portland. The seller was Jackson Square Properties.
Gelt Acquires 400-Unit Apartment Property for $66 Million in Lakewood, Colorado
On September 29, 2016, Gelt acquired Westhills, a 400-unit apartment property for $66 million. The property is located at 453 Van Gordon Street in Lakewood, CO, a sub-market of Denver.
Gelt buys 2.4-acre parcel in Reseda for 254-unit apartment complex
Investment firm Gelt is finally getting serious about its hometown.
The Los Angeles-based real estate company acquired the land to develop a 254-unit apartment project in Reseda, The Real Deal has learned, shortly after it acquired an existing residential complex in Santa Clarita
Gelt Inc Pays $45 Million for 232 Units in Santa Clarita
LA-based Gelt Inc has acquired Monterra Ridge, a 232-unit apartment community in Santa Clarita, for $45.5 mil, or $196k/unit. The asset was sold by FPA Multifamily.
Built in 1985, Monterra Ridge is located at 28085 Whites Canyon Rd in the city’s Canyon Country neighborhood...
Gelt Sells Sora on Rose
On December 22nd, 2015, Gelt sold Sora on Rose, formerly known as La Paz, for $7,850,000. The property, which was built in 1971, was acquired by Gelt in September of 2013. The property was a well executed value add play that netted investors a cumulative return of approximately 29.5% over the 26-month ownership period.
Banking on Apartments for the Long Term
LOS ANGELES—With young people graduating with debt and moving into apartments for longer periods of time, some don’t see homeownership as the American dream, which bodes well for apartments, Gelt Inc. partner Keith Wasserman tells GlobeSt.com. As we recently reported...
Denver Apartments Trade For $74 million
A 564-unit apartment complex in Denver has sold for the second time in as many years, this time for $74 million.
Gelt Inc,. a Los Angeles-based real estate investment and management firm, has acquired 3300 Tamarac from TruAmerica Multifamily, also headquartered in Los Angeles.
Gelt Sells The Huntington Apartments
On September 29th, 2015, escrow closed for the sale of the Huntington Apartments in Tempe, Arizona. The 442 unit property was sold by Gelt for $34,600,000 ($78,280/unit and $99/sf), just 18 months after Gelt's acquisition of the property back in April of 2014.
Gelt Acquires 628-Unit Multifamily Salt Lake Portfolio
Gelt, Inc. has acquired a 628-unit apartment property portfolio for $67.5 million. The two-property portfolio is located within the greater Salt Lake City region and includes Miller Estates, a 294-unit property, and Layton Meadows, a 334-unit property.
Gelt Sells Waterstone Apartments for $17,125,000
On April 30, 2014 Gelt sold its 269-unit Waterstone Apartments in Mesa, Arizona for $17.125 million ($63,662 per unit). The 269-unit Waterstone apartments is located at 1651 S. Dobson Road in Mesa, Arizona.
Gelt Expands Into New Markets and Tech Space
LOS ANGELES—Gelt Inc. is expanding into new frontiers. The Los Angeles-based multifamily investor recently made its first acquisition in Salt Lake City, a market where they plan to buy an additional 750 to 1,500 more units, and is rolling out a new leasing platform called Domuso.com that allows...
Gelt Acquires 441 Unit Mill Pointe and 201 West Apartments
April 9th, 2014 — Two Tempe apartment complexes were sold yesterday for a combined $27.35m or $62,018 per unit. Steve Wasserman of Gelt, Inc. acquired the properties from Bank of America Community Development with a combination of $6,837,500 in cash and $20,512,500 in new debt with New York Community bank.