Monaco Apartments
Salt Lake City, UT–Gelt Inc. has sold Monaco Apartments, a 247-unit apartment property, to Bridge Investment Group for an undisclosed amount.
Monaco Apartments was built in two phases in 1973 and 1978 and is situated on 10.49 acres. The property consists of 23, three-story buildings and includes one- and two-bedroom units.
Acquired in 2014, Gelt rebranded the property with a new name and signage, added a sports court and dog park, painted the exterior of the buildings and renovated the leasing office, clubhouse, and fitness center.
Danny Shin and Brock Zylstra of Marcus & Millichap represented both the buyer and seller in the transaction.
Gelt Inc. is a regional real estate investment and asset management company which has acquired nearly 8,000 apartment homes and mobile home sites valued in excess of $1 billion.
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