TEMPE, AZ-Gelt Inc., based in Tarzana, CA, acquired the 240-unitVersante Apartments for $15 million. The buyer made the value-adddeal with Prudential Real Estate Investors.

Versante, located at 1330 W. Broadway Rd., was built in 1971 andis 94% occupied. Jim Crews and Brett Polachek of Cushman &Wakefield of Arizona Inc. successfully marketed the property forsale and procured the buyer.

“This sale is representative of a recent trend with olderproperties,” Crews observes. “Investors seeking excellentreturns and better locations are able to purchase great infillproperties such as Versante. After a few modest interiorimprovements, this asset will provide residents and Gelt with anappealing apartment building in an outstanding location.”

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