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.”

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.