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9/03/25
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Gelt Venture Partners LLC purchased Alvera at the Meadows, a Class A, 142-unit multifamily property at 688 W Nicholes Lane in American Fork, UT. Located in North Utah County, Alvera is positioned in the heart of the Silicon Slopes, Utah’s premier fast-growing technology hub extending from Salt Lake City to Lehi.
Built in 2021 and situated on 4.07 acres, Alvera at the Meadows features a mix of one-, two-, and three-bedroom floorplans, averaging 956 sf in size. Unit interiors offer premium finishes, including granite countertops, wood-style flooring, in-unit washer and dryers, kitchen islands, smart home technology, and private balconies. Community amenities include a pool and spa, fitness center, resident clubhouse, package lockers, and a children’s playground.
According to Keith Wasserman, a partner with GVP, the property had a stabilized occupancy of approximately 95% at closing. The company intends to implement common area enhancements including better signage, enhanced interior hallways, and increased landscaping.
The North Utah County region has emerged as a major destination for technology firms and skilled professionals nationwide, with employers such as Adobe, Oracle, Microsoft, Intel, EA Sports, Qualtrics, and Ancestry.com. The region has seen remarkable population growth of 17.4% over the past five years as well as consistent rental growth. Favorable demographics, growing population, supply/demand, growth of Silicon Slopes, and location of the Alvera provide strong market fundamentals for multifamily assets.
Brock Zylstra and Daniel Shin from IPA represented both the buyer and the seller in the transaction.
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