Tarzana-based Gelt Inc. has sold a 247-unit apartment complex in Salt Lake City. The sale price and financial terms of the transaction were not disclosed.
Danny Shin and Brock Zylstra of Marcus & Millichap represented both seller and buyer, Bridge Investment Group of Salt Lake City.
Known as the Monaco Apartments, the centrally located property is situated on 10.5 acres at 4115 South 430 East. The property consists of 23, three-story buildings and includes one- and two-bedroom units.
After acquiring the property in July 2014, Gelt made significant enhancements to the asset, beginning with a rebranding and new signage. Key improvements included the addition of a sports court and dog park to the complex as well as the renovation of the buildings’ exterior and the complex’s leasing office, clubhouse and fitness center.
“Gelt saw Monaco Apartments as an opportunity to do what we do best: identifying an asset in a strong job market and making needed strategic operational and capital improvements to add value and bring rents to market rates,” Gelt partner Keith Wasserman said in a statement. “We were able to achieve an approximately 140 percent cumulative yield for our investors, and a 2.4 multiple on their equity investment, inclusive of cash flows and sale proceeds.”
Gelt COO Jeff Harris added: “This sale frees up capital for us to make additional acquisitions as we are looking to acquire another 1,000 units in Salt Lake City and a total of 2,000 units throughout the Western U.S. over the next year.”