The following properties have been funded and are currently owned and operated by Gelt.
Birchwood is located conveniently between Scranton and Wilkes-Barre along the Susquehanna River in the Wyoming Valley. The property is located right off of Wyoming Way, which is a local arterial providing convenient access to nearby attractions including the Mohegan Sun Pocono Racino and the Wyoming Valley mall, which boasts over 900,000 square feet of retail space. The property is conveniently located near Highway 81, providing quick access to the rest of the Wyoming Valley and convenient access to New York, Philadelphia, and Harrisburg, which are all located within a two to three hour drive.
Timberend Mobile Home Community is located just outside of Williamsport, PA along Highway 180. The property is located down the road from the 835,000 square foot Lycoming Mall, which is a regional shopping mall for the area. It includes a number of big box stores including Dick’s Sporting Goods, Sam’s Club, Target, Petco, Big Lots. It also benefits from a Regal Cinema and a number of other popular stores. The property’s location adjacent to Highway 180 provides convenient access to Harrisburg, PA, which is just a 1.5 hours away by car.
Wedgewood Mobile Homes Community is located in Selinsgrove, PA along Highway 15, a major north-south arterial for the region, and nearby to Susquehanna University with a small liberal arts college with an undergraduate population of approximately 2,200 students. Just down the road from the property is Susquehanna Valley Mall, which is a 745,000 square foot regional shopping mall including AMC Movie Theaters, Walmart Super-center, Lowe’s Home Improvement, Sears, Jo-Ann’s Fabrics and Crafts, Weis Markets, etc. With the property’s convenient access to Highway 15, it take less than one hour to drive to Harrisburg, PA and under three hours to drive to both Baltimore, MD and Philadelphia, PA.
The Thompson's park consists of 120 spaces, and is currently 83% occupied. The asset offers residents an affordable housing option in a secluded community but still has easily access to downtown Foley. The current space rent is $320 per space, which is slightly lower than market comps.
The Jack's park consists of 81 spaces, and is currently 98% occupied. The asset offers residents a well maintained community that is located close to downtown Foley and local community centers. The current space rent is $320 per space, which is slightly lower than the market comps.
Ascend at Red Rocks
Ascend at Red Rocks
Built in 1981 and comprised of 408 units, the property offers one bedroom, two bedroom and three bedroom units ranging from 850 square feet to 1,260 square feet. Community amenities include a 24 hour fitness center, a heated swimming pool, a recently renovated clubhouse, media and business center, a volleyball court, BBQ grills, and laundry rooms.
Elevate at Red Rocks
Elevate at Red Rocks
Built in 2000 and comprised of 172 units, the property offers one bedroom, two bedroom and three bedroom units ranging from 673 square feet to 1,101 square feet. Community amenities include 24 hour fitness center, heated swimming pool, a recently renovated clubhouse, media and business center, a volleyball court, BBQ grills, and laundry rooms.
The property offers a convenient mix of one and two bedroom units ranging from 528 to 967 square feet. The amenities at the asset include a newly renovated clubhouse with computer lounge and movie theater, a recently renovated fitness center, basketball courts, indoor spa, playground area, BBQ area, heated swimming pool, and a dog park. In-unit amenities include wood burning fireplaces in select units, full size washer/dryers, a dedicated dining area and open living room, a covered deck or private patio extending into the living room, plentiful storage including pantry storage in the kitchen, and the units benefit from recent renovations that brought the quality to a modern standard.
We've identified Mountain Run Apartments as a stabilized asset that will provide our investors with consistent cash on cash returns from day one, while providing opportunity for enhanced returns through a strategic value add program to common area amenities.
De Rancho y Mobile Villa
De Rancho Y Mobile Home Park is located in a very prime area within Bakersfield, providing its residents with quick freeway access, and close proximity to many household name retailers and car dealerships. The park consists of 90 spaces, and is currently 97% occupied. The asset offers residents a clubhouse, pool, laundry room, basketball court, field, playground, and a gate around the community. The current space rent is $500 per space, which is in line with the market comparables.
Powell Valley Apartment Homes
Powell Valley Apartment Homes is a beautiful 228 unit community located in the heart of Gresham in the Portland Metro Area. Gresham is the fourth-largest city in Oregon and home to many major employers including U.S. Bank, Boeing, ON Semiconductor, and Microchip Technology. It is within walking distance to the Highland Fair Shopping Center and is served by TriMet’s bus system and MAX light rail.
The property offers one, two and three bedroom units ranging from 725 to 1,148 square feet. Amenities include a newly renovated clubhouse, conference room with internet bar, a 24-hour fitness center, an outdoor seasonal pool, a year-round outdoor covered spa, an outdoor kids play park and a dog run.
Powell Valley Apartment Homes is a stabilized asset that will provide our investors with consistent cash-on-cash returns from day one, while providing opportunity for enhanced returns through a strategic value add program to remaining unrenovated unit interiors.
Westhills is a 400-unit, garden-style apartment community located in the CIty of Lakewood. The property was built in 1972 and has undergone renovations to 77% of its units. Floorplans for the property consists of one bedroom units, two bedroom units, two bedroom units with a den, and townhome units.
Westhills consists of 27 three-story rental buildings, as well as a two-story clubhouse centrally located on the property grounds. Gelt identified Westhills as a stabilized asset that will provide our investors with consistent cash on cash returns from day one, while providing opportunity for enhanced returns through a strategic value add program.
Reseda and Clark Development
Coming soon to the corner of Reseda Boulevard and Clark Street, in the heart of Tarzana, California, this development will bring a fresh new look and style to the community!
The Reseda Clark Development will include 170 well appointed apartments, 7 street-level live/work spaces, and 6,000 square feet of premium retail space. The building will also include such amenities as a state-of-the art gym, roof-top pool, observation deck, outdoor BBQ and lounge areas, as well as a business center.
Gelt acquired a 2.4 acre parcel in the heart of Reseda, California from seller Metric Holdings on June 17, 2016. The land was acquired to develop a 254-unit mixed use facility. As a condition of the transaction, Gelt acquired the fully-entitled building plans for the development. Dubbed the Watermark, the mixed-use facility will mark Gelt’s first ground-up development project in Los Angeles.
Monterra Ridge is a beautiful 232 unit apartment community located in the heart of Santa Clarita, The property, built in 1985, is strageically located just minutes from the San Fernando Valley and Tri-Cities, which provide jobs to a number of the current tenants and are home to some of the most succesful local companies. Gelt acquired Monterra Ridge on June 20, 2016 and plans to hold the property for approximately 10 years.
This 564 unit apartment community is located in the heart of Southeast Denver, 10 to 20 minutes from some of the largest employment centers in Denver. Gelt identified Tamarac as a stabilized asset that will provide investors with consistent cash on cash returns over the ownership period. The asset provides a value alternative for renters who are "priced out" of the newer Denver product. Prior ownership invested over $3.7 million into the asset, renovating approximately 200 units while realizing $120 rent premiums for the renovations. At a $6,000 cost per renovated units, this puts the ROI at 24% annually.
This 334 unit garden style asset is located near the intersection of Hill Field Road and Interstate 15, within close proximity to shopping, restaurants, and entertainment options. Gelt acquired the property on June 30th, 2015 and plans to hold the property for approximately 10 years from this date of acquisition.
This 294 unit multifamily asset is located in Murray, Utah which is an “A” submarket of the Salt Lake City MSA. The community includes unique features including a man-made lake, a historic house that serves as the leasing office, and staggered elevations throughout the property. Gelt acquired the property on June 30th, 2015 and plans to hold the property for approximately 10 years from this date of acquisition.
Monaco, formerly known as Murray Ridge, is a 247-unit apartment building centrally located in The Greater Salt Lake metropolitan area, which boasts a population of 1.4 million people. The property, which was Gelt's first purchase in the sate of Utah, is situated in an urban infill location within the desirable Southeast quadrant of the region, conveniently located near the TRAX line and I-15 freeway. Salt Lake City has outstanding economic data that is amongst the best in the nation.
The Boulders, a 276 unit apartment community located in Reno, Nevada, was acquired by Gelt on January 31st, 2013. The property was built in 1995 and is comprised of 30 buildings. The estimated hold period for this investment is 10 years from the time of acquisition.
Eastland Hills is a 296 unit apartment communicated located in Sparks-Reno, Nevada. Gelt partnered with Standard Management for the acquisition of this property. Eastland Hills is a stable, longter term investment and should be viewed as an outstanding way to hedge against inflation, while preserving and enhancing wealth long term.
Mission Springs, a 306 unit apartment community, was acquired by Gelt on November 15th, 2012. The property is located in Tempe, Arizona and is comprised of 24 buildings with 306 units. The estimated hold period for this investment is 10 years from the time of acquisition.