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Gelt Inc Makes $30 Mil OR Res Buy

9/23/20

Gelt Inc has acquired Silverwood Apartments, a 164-unit multifamily property in Gresham, OR, for $30 mil ($183k/unit). Built in 1991, the property is located at 4777 SW 11th St, just south of Powell Blvd.

The garden-style community is situated on just under nine acres and includes 32 buildings. It is comprised of 159 two-bedroom units, three one-bedroom units, and two three-bedroom units. The property features a pool, playground, walking/biking trails, and a picnic area.

The property is viewed as a value-add opportunity and, over the next few years, Gelt plans on making upgrades to the unit interiors to include new vinyl plank flooring, stainless steel appliances, new cabinet faces, backsplash, ceiling fans, and other cosmetic improvements. The firm will also rebrand the asset, create new signage, paint the exterior of the building, and refresh the pool and playground areas.

Tyler Johnson, Rob Marton and Greg Frick of HFO represented Gelt, as well as the seller, a private individual who owned the property for more than 25 years. The buy marks Geltís second apartment community in Gresham. The company also owns Powell Valley Apartment Homes, a 228-unit property which was acquired approximately four years ago.

Bordering the eastern edge of the City of Portland, Gresham is Oregonís fourth-largest city and has a growing population of more than 110,500). The greater Portland area has an abundant, well-educated and skilled workforce, affordable high quality of life, and a low cost of doing business compared to the Bay Area. It is home to the headquarters of Fortune 500 companies Nike and Lithia Motors. Fortune 1000 companies headquartered here include Columbia Sportswear, Greenbrier Cos. and Portland General Electric.




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