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PHOENIX-Tarzana, California-based Gelt Inc. has acquired the Ferntree and Colonnade Gardens complexes from Aimco REIT for a total amount of $16 million. The apartment complexes, which will be joined together under the name Colonnade Gardens, are situated on 20th Street and Camelback in Phoenix.

This is the first acquisition in Phoenix for Gelt. Aimco REIT listed the properties on the market in April 2010. Jim Crews with Cushman & Wakefield closed the deal on behalf of Gelt.For the full story, go to Phoenix Business Journal.


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