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LA Firm Closes $25 Mil Salt Lake City Res Buy

10/07/14

Marking its entry into the Utah market, Los Angeles-based Gelt, Inc has acquired Murray Ridge Apartments, a 247-unit apartment community in Salt Lake City, for $25.5 mil ($103.2k/unit).

Situated on just over 10 acres at 4120 South 500 East, Murray Ridge Apartments consists of 22 buildings. The property was developed in two phases with 103 units built in 1973 and 144 units built in 1977. Its on-site amenities include a fitness center, clubhouse, BBQ areas, business center and swimming pool.

The previous owners invested $3 mil from 2007-2014 into Murray Ridge, including asphalt resurfacing, interior upgrades to some units, renovations to the leasing office and clubhouse areas, and pool upgrades. Gelt plans to make additional capital improvements to some of the units, as well as upgrades to common areas and landscaping.

“This sizeable garden-style property has great bones, a nice unit mix of large, one- and two bedroom floorplans, and is also well-located in a desirable infill Salt Lake City location,” noted Keith Wasserman, partner with Gelt. “We see a significant amount of upside in rent through a renovation of the property and improvements to management. Our company takes pride in transforming the properties we acquire into vibrant communities, while at the same time, realizing significant returns for our investors in the process.”

Murray Ridge residents can easily access downtown, employment centers, retail, regional malls, and entertainment. The community provides an ideal location with easy access to I-15, and is within five miles of all the major interstates in Salt Lake City. It is also just one-mile from the Meadowbrook UTA Trax Station and the Murray North Trax Station for convenient public transit.

Wasserman observed that the Salt Lake market offers strong real estate investment fundamentals including one of the lowest unemployment rates in the nation, highly educated workforce, surging population growth and overall quality of life. There has also been little new apartment development, further benefitting Gelt’s strategic investment.

The firm is looking to acquire at least 1,000 units in Utah to grow a sizable mass in this dynamic market. Over the past 24 months alone, Gelt has acquired six properties consisting of 1,602 units valued in excess of $130 mil in the Western states, and has a goal of acquiring approximately $250 mil dollars of real estate assets within the next 24 to 36 months, which would double its current portfolio. The firm’s investment appetite is focused on apartment and mobile home communities ranging from $4 million to $75 million with a geographic focus on key markets within California, Utah, Nevada and Arizona.

Sage Sawyer and Jed Millburn of Equimark represented the buyer and the seller in the transaction.


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