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| Keith Wasserman |
Los Angeles, CA – Gelt,
Inc., a Los Angeles-based real estate investment and asset management firm, has
acquired a 628-unit apartment property portfolio for $67.5 million.
The two-property portfolio
is located within the greater Salt Lake City region and includes 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 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.
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| Layton Meadows |
“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.
For a
complete copy of the company’s news release, please contact:
Darcie Giacchetto
949.278.6224
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