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7/02/15
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Gelt Inc has acquired a 628-unit apartment property portfolio within the greater Salt Lake City region for $67.5 mil ($107.5k/unit). The two-property portfolio is comprised of Miller Estates, a 294-unit property, and Layton Meadows, a 334-unit property.
Both properties are located in dense, infill areas that are poised for population growth and as a result, increasing demand for rental housing over the next several years. Gelt, based out of Los Angeles, plans to add value to the assets by conducting capital improvements to both the interior units and common areas, as well as implementing an enhanced management program through community building and excellent customer service. These strategies will enable the firm to achieve market rents and higher resident retention.
“We like the Salt Lake City market for investment because of its growing workforce, population, and economic health of the region and the state overall. It will continue to be one of our targeted areas for investment, and we hope to build a portfolio of at least 3,000 units in the greater Salt Lake area over the next couple of years,” said Keith Wasserman, partner with Gelt, Inc.
Miller Estates is currently 97 percent occupied and is located 10 miles south of Downtown Salt Lake City at 4929 S. Lake Pines Dr in Murray. The community features a man-made lake, a historic house that serves as the leasing office, and staggered elevations throughout the property. Although the previous ownership invested approximately $4 mil in upgrades to the asset, Gelt is planning to further add value via significant capital improvements to include the addition of a dog park, children’s play area, and bike room, among other amenities.
The firm will also upgrade outdated interior units as well as conduct a premium renovation to select units by installing stainless steel appliances, vinyl plank flooring throughout, and new cabinetry. Located in a prime urban infill area, Miller Estates has convenient access to the Van Wrinkle Expressway (SR 152) and Interstates 15 and 80.
Layton Meadows is currently 100 percent occupied and is located 25 miles north of Downtown Salt Lake City at 540 W. 1425 N. in Layton. Gelt will conduct light exterior and interior renovations as well as a remodel of the leasing office. The apartment community features a garden-style layout and is located by the intersection of Hill Field Rd and I-15, and is near a wide variety of shopping, restaurants, and entertainment choices. The property is down the street from Layton Hills Mall which features more than 120 retailers including Macy’s, Dick’s Sporting Goods, and Cinemark Tinseltown Theatre, and is near Hill Airfare Base.
Greg Barratt and James Wadsworth of the Berkadia Salt Lake City office represented the buyer and the seller, Bascom Northwest Ventures, in the transaction.
This transaction marks Gelt’s second acquisition in the Salt Lake City market. Late last year, the firm acquired Murray Ridge Apartments, a 247-unit apartment community for $25.5 mil. Gelt, plans to invest in another $250 mil of real estate over the next 12 months and plans to continue to expand its geographic footprint throughout the Western United States.
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