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. The sale of the property netted Gelt investors a cumulative return of approximately 54% and an annual return of approximately 36% over the ownership period. In addition, Gelt investors will receive an excess distribution in the months to come.
To learn more details on the ownership and sale of the Huntington, please click here to read the property case study.