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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. 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.

The two properties, 201 West and Mill Pointe are located at the northwest corner of US-60 and Mill Avenue. 201 West is a 223-unit apartment complex with sixteen two-story buildings built 1973 on 10.7 acres. Mill Pointe is a 218-unit apartment complex in twenty-two two-story buildings built 1979 on 9.83 acres. The above-mentioned debt is allotted across the two properties as follows:

  • $10.362m new debt for 201 West with an $11,398,200 release price
  • $10,150,500 new debt for Mill Pointe with an $11,165,550 release price

Per the brokers, Jim Crews and Brett Polachek of Cushman Wakefield, the combined properties were 94% occupied at the time of sale. Mill Pointe?s average rent per square foot across its unit mix is $1.00, while 201 West?s average rent per square foot clocks in at $0.85.

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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