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7/23/26
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Gelt Venture Partners LLC has acquired Drexler Townhomes, a Class A, 117-unit townhome community in Leihi, UT. The property, located at 2790 N Segundo Dr, was purchased off-market directly from the original developer. The price was not disclosed.
Completed in 2023, Drexler sits on 10.87 acres and consists of large two-, three- and four-bedroom townhome units averaging roughly 1.7k sf, each with an attached two-car garage and private driveway.
The City of Lehi anchors Utah's Silicon Slopes corridor, a market that has drawn a concentration of large employers and sustained in-migration over the past decade. Texas Instruments is mid-construction on an $11 bil semiconductor fabrication facility in the area, the largest private project in Utah's history. Micron, Adobe, Oracle, Microsoft, Goldman Sachs, Young Living, doTERRA, Purple, Civica Rx, and Owlet all operate in or around the city.
Gelt plans to continue a value-add strategy for the property. The original developer completed the conversion of 24 unfinished townhome basements into fourth bedrooms. Gelt intends to finish 35 additional basement bedroom conversions, ultimately creating added rental income.
“We see a clear opportunity to create value by converting basement space into bedrooms and leasing apartments as they turn over at today's market rents,” said Josh Satin, Managing Partner at GVP. “We've already executed a similar strategy at our Alvera community in nearby American Fork, where we increased occupancy from approximately 85% to 94% in a relatively short period. Drexler is in the same high-demand micro-market, and we believe it offers a comparable opportunity to drive occupancy and enhance performance.”
This marks GVP's 63rd acquisition since inception and its 33rd active asset. The firm owns and operates a portfolio of more than 5,700 units across Southern California, Utah, Colorado, and the Pacific Northwest. The acquisition deepens a long history in Utah, where GVP has owned and operated more than 1,000 units in the Salt Lake region over the years and today holds a 628-unit Utah portfolio inclusive of Drexler.
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