The following properties have been funded and are currently owned and operated by Gelt.
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.
Gelt Eubank Holdings, LLC 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.
Value Add Opportunity
Additional value can be achieved with strategic renovations to certain common area amenities. Areas under consideration for upgrades/ expansion/renovations include but are not limited to the leasing office/clubhouse to increase curb appeal to prospective tenants, fitness center, dog park, and basketball court. We have budgeted approximately $2.1 million in capital expenditures to be deployed throughout the holding period.
Gelt 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 generally in line with the market comparables.
Powell Valley Apartment Homes
Powell Valley Apartment Homes is a beautiful a 228 unit apartment community located in the heart of Gresham, Oregon in the Portland Metro Area. Gresham is the fourth-largest city in Oregon, and is strategically located on the eastern boarder of Portland. The city is home to many major employers including Suburu, U.S. Bank, Boeing, ON Semiconductor, and Microchip Technology. The property is walking distance to the Highland Fair Shopping Center and the Spring Water Corridor, and is served by TriMet’s bus system and MAX light rail offering residents convenient alternatives to driving.
The property offers one, two and three bedroom units ranging from 725 to 1,148 square feet. The amenities at the asset include a newly renovated clubhouse with welcoming leasing offices, an enclosed 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. In-unit amenities include 31 wood burning fireplaces in all end units, full size washer/dryers, a dedicated dining room and open living room, a covered deck or private patio extending into the living room, plentiful storage with hallway linen closets and large master bedroom closets, and modern renovations to 90 units as detailed below.
Powell Valley Apartment Homes 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 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.
Capella Place, formerly known as Broadstone on Twelfth Apartments, was acquired by Gelt on August 22nd, 2012. Capella Place is located in Phoenix, Arizona and is comprised of 18 buildings with 150 units. The estimated hold period for this investment is 10 years from the time of acquisition.