GRESHAM, OR—Los Angeles-based Gelt Inc., a real estate investment and asset management firm, purchased the 228-unit Powell Valley Apartment Homes approximately four years ago. In its second Gresham buy, Gelt recently acquired Silverwood Apartments, a 164-unit property located at 4777 SW 11th St. for $30 million.
"Acquiring Silverwood Apartments during the COVID-19 crisis required us to be much more conservative with our projections for this asset," said Jeff Harris, partner with Gelt. "However, as a function of the good basis we bought the property for, a strategic business plan to capture significant value-add upside and a desirable interest rate, we were able to forecast overall returns that met our desired yield requirements."
During the next few years, Gelt plans on making upgrades to the unit interiors to include new vinyl plank flooring, stainless steel appliances, new cabinet faces, backsplash, ceiling fans and other cosmetic improvements. The firm will also rebrand the asset, create new signage, paint the exterior of the building, and refresh the pool and playground areas.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
