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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 acquired Waterstone in April of 2012 for $11.287+ million ($41,961 per unit). Comulative returns to Gelt's investors net of all fees and promotes is approximately 60% over a 24 month hold period. Our business plan was implemented successfully and the company created a beautiful community in the process. It is bittersweet to see Waterstone go but we are excited for our newest acquisition of The Huntington (Formerly Known as Mill Pointe and 201 West) into the Gelt family of properties.

Gelt was founded by cousins Keith Wasserman and Damian Langere during the height of the economic recession and financial meltdown in 2008. Gelt?s business plan is to acquire and re-position value-add multifamily real estate investments.

Gelt is committed to providing investors with quality, cash-flowing investment opportunities and is seeking to acquire multifamily, retail, and mobile home park properties in the Western United States with an emphasis in California, Utah, Nevada, Arizona, Colorado, and Oregon.

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