Gelt Inc. has acquired a 628-unit apartment portfolio in Salt Lake City for $67.5 million, marking the Tarzana real estate firm's second foray into the market.
The two-property portfolio includes Miller Estates, a 294-unit complex, and Layton Meadows, a 334-unit property. Both are in densely populated urban infill areas just outside of downtown Salt Lake City.
Last year, the firm bought Murray Ridge Apartments, a 247-unit apartment community, for $25.5 million.
“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,” Gelt partner Keith Wasserman said in a prepared statement. “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.”
Miller Estates is 97 percent occupied. It features a man-made lake and an historic home that serves as its leasing office. Gelt plans to make significant capital improvements to the property, including the addition of a dog park, children’s play area and bike room. The firm will also upgrade outdated interior units as well as conduct a premium renovation to select units by installing stainless steel appliances, vinyl plank flooring throughout and new cabinetry.
Layton Meadows is currently 100 percent occupied. Gelt plans light exterior and interior renovations as well as a remodel of its leasing office.