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| Keith Wasserman |
Los Angeles, CA - Marking
the firm's foray into New Mexico, Gelt Inc., a Los Angeles-based real estate
investment and asset management firm, has acquired Mountain Run Apartments, a 472-unit community in Albuquerque. The
seller was Chartwell Capital Partners.
"With this
acquisition, Gelt has acquired more than 6,000 units valued at $940 million and
we are pleased to have entered a new market with this buy. We now have a
portfolio that spans eight Western states," said Keith Wasserman, partner with Gelt.
"Albuquerque has shown consistent
multifamily fundamentals for many years, mainly due to a lack of new supply.
While other major cities saw significant rent declines in the last recession,
Albuquerque remained stable, and we like that story."
Jeff Harris,
COO with Gelt, added: "We are seeking cash-flowing, stable investments for
the long term, and the supply-constrained Albuquerque multifamily market is
conducive to that strategy. Our goal is
to own and operate at least 1,000 units here over the next 18 months."
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.
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| Jeff Harris |
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.
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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