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| Murray Ridge Apartments, Salt Lake City, UT |
Los Angeles, CA– Marking its entry into the Utah market,
Gelt, Inc., a Los Angeles-based real estate investment and asset management
firm, has acquired Murray Ridge Apartments, a 247-unit apartment
community in Salt Lake City, for $25.5 million.
Located at 4120 South 500 East, Murray Ridge Apartments
includes 22 buildings and is situated on 10.36 acres.
The property was
developed in two phases with 103 units built in 1973 and 144 units built in
1977.
Its on-site amenities include a fitness center, clubhouse, BBQ areas,
business center and swimming pool.
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| Keith Wasserman |
“Salt Lake City is a
very hot market that we have aggressively pursued over the past two years,”
said Keith Wasserman, partner with Gelt, Inc.
“We are pleased to acquire
this prime property at significantly below replacement cost and at an excellent
basis as very little product trades hands and many transactions occur
off-market.”
The previous owners invested $3 million from 2007-2014 into
Murray Ridge including asphalt resurfacing, interior upgrades to some units,
renovations to the leasing office and clubhouse areas, and pool upgrades.
Gelt
plans to make additional capital improvements to some of the units, as well as
upgrades to common areas and landscaping.
Gelt was represented by Sage Sawyer and Jed Millburn of
Equimark in the transaction. The same brokerage team represented the seller.
For a complete copy of the company’s news release, please
contact:
Darcie Giacchetto
D.G. Communications, Inc.
949.278.6224
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