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. In 2012 a major renovation occurred and included unit enhancements such as the addition of stainless steel appliances, granite counter tops in some units, custom maple cabinetry, washer/dryers in every unit, upgraded lighting, and faux wood flooring in kitchens and dining areas. 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.
About Gelt, Inc. Gelt Inc. is a regional real estate investment and asset management company that seeks to acquire properties in strategic markets in the Western U.S. Since the company's inception in 2008, Gelt has acquired more than 6,000 apartment homes valued in excess of $940 million. The firm’s philosophy is to be a prudent steward for its investment capital, to invest wisely, with confidence and intelligence in emerging, constrained markets. Gelt seeks appropriate risk adjusted returns while achieving income from current cash flow and appreciation through superior performance of its assets.
Gelt consists of a team of real estate professionals that possess a wealth of knowledge and expertise in law, real estate, finance, property and asset management, and construction.
Gelt’s additional entreprenurial companies include Domuso.com and Gelt Venture Capital. Gelt developed Domuso.com, the first financing-as-a-service resident portal for the $540 billion rental payment industry. Domuso offers online certified and financing options for move-in payments, one-time rent payments, debt payments, refunds, and late payments. The company developed its own proprietary risk scoring model to offer point-of-sale financing utilizing rental application data, property operational data, and historical payment history. Gelt Venture Capital is a seed stage venture capital firm investing in companies capable of making large global impacts. We believe automation, mobility, robotics, artificial intelligence, and space tech form the fundamental technology layer transforming our world and we focus on applications of these foundational technologies.
The firm strives to stay on top of industry trends, and is always on the lookout for new technologies that simplify life for its leasing agents and help its properties run smoothly.