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6/27/17
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Gelt Inc has acquired Mountain Run Apartments, a 472-unit community in Albuquerque. The seller was Chartwell Capital Partners.
Built in 1985, the community offers a tranquil, park-like setting on nearly 16 acres of land and is located at 5800 Eubank Blvd NE. It includes 312 one-bedroom units and 160 two-bedroom units within 35 two- and three-story buildings. In 2012, the property underwent a major renovation that included unit enhancements such as the addition of stainless steel appliances, granite counter tops in some units, custom maple cabinetry, washer/dryers in every unit, upgraded lighting, and faux wood flooring in kitchens and dining areas. On-site amenities include a heated swimming pool, business center, indoor spa, fitness center, basketball courts, movie theater, and resident lounge.
In order to further enhance the value and appeal of the property, Gelt will renovate the leasing office, clubhouse and fitness center, as well as conduct upgrades to the sport court, and add barbecue/gazebo areas and a bike room.
Mountain Run is located in the highly coveted Far Northeast Heights market of Albuquerque. The region boasts a highly-rated school district, and proximity to major employment corridors. Additionally, the area is extremely supply constrained which is driving tremendous multifamily fundamentals. The asset is immediately adjacent to Mountain Run Shopping Center, which has a Smith’s Grocery Store, a Walgreens, Wells Fargo banking center, and a U.S. Postal Service branch, amongst others. The community is also located across the street from Academy Hills Park, which is a recently renovated 13.4-acre park adding a convenient amenity for Mountain Run’s residents.
David Eagle, Billy Eagle and Ryan Mills of CBRE represented both the buyer and the seller in the transaction. Brian Eisendrath, Brandon Smith and Cameron Chalfant of CBRE represented Gelt in originating the financing.
With this acquisition, LA-based Gelt has acquired more than 6,000 units valued at $940 mil. The company is looking to to own and operate at least 1,000 units in Albuquerque over the next 18 months.
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