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| Keith Wasserman |
Los Angeles, CA – Marking
its first acquisition in Oregon, Gelt Inc., a Los Angeles-based real estate
investment and asset management firm, has acquired Powell Valley Apartment
Homes for $39.5 million. The 228-unit apartment community is located at 1500 SW
Pleasant View Drive in Gresham, a suburb of Portland. The seller was Jackson
Square Properties.
“Powell Valley Apartment
Homes is an ideal asset to add to our expanding portfolio,” said Keith Wasserman, partner with Gelt. “We
liked that this well-maintained garden-style asset is in Gresham, a
strategically located Portland submarket with minimal multifamily product being
developed over the past several years, and a very limited pipeline of future
development.
“Subsequently, Gresham is
experiencing some of the best rental apartment metrics in the nation as
occupancy is hovering close to 100 percent.”
Wasserman added: “The
Portland region’s job market has grown at a strong pace in recent years. This,
coupled with significant in-migration into the area has led to an increasingly
high demand for apartment units.”
Built in 1999 and situated
on 9.23 acres, the property includes 18 residential buildings as well as a
newly renovated clubhouse building with a leasing office, 24-hour fitness center,
conference room and internet café.
Other on-site amenities
include a swimming pool, year-round covered spa, an outdoor playground, a dog
run, and covered garages. The property includes 38 one-bedroom units, 186
two-bedroom units, and four three-bedroom units. Each unit has a full-size
washer and dryer, large deck or private patio, and exterior storage closet.
 |
| Jeffrey Harris |
The seller recently
renovated approximately 92 unit interiors with modern upgrades. In order to tap
into renter demand for high-end finishes, Gelt plans to immediately embark on
adding value to the asset by renovating approximately 100 additional units with
vinyl plank flooring, stainless steel appliances, new fixtures, window
covering, and new cabinet faces.
“As a private equity firm
focused on the multifamily sector, the strong fundamentals in the Portland
market indicate to us that the area is primed for consistent, long-term growth
and subsequently will provide strong returns for Gelt and our investors,” said Jeff Harris, director of acquisitions
with Gelt. “We are thrilled to have acquired our first property in the Portland
region, and we are looking to continue purchasing well-located multifamily
assets in this market.”
Gresham is located on the
eastern edge of Portland, and is Oregon’s fourth largest city. With a
population of more than 109,000 residents, it is the second largest city in the
Portland/Vancouver region. Gresham not
only benefits from a key location just 15 minutes from downtown Portland, it is
also home to major corporations which employ thousands of people including
Subaru, Boeing, Microchip, Xerox, U.S. Bank.
Tyler Johnson, Cody Hagerman, Greg Frick and Rob
Marton of HFO Investment Real Estate
represented both the buyer and seller in the transaction. The financing was
arranged by Brian Eisendrath and Cameron
Chalfant at CBRE.
For a complete copy of the company’s news release,
please contact:
Darcie Giacchetto
949.278.6224
