MESA, AZ-Less than a year after entering the region with its buy of the Ferntree and Colonnade Gardens apartment complexes, Gelt Inc. added the 269-unit Waterstone Apartments to its Phoenix area portfolio. The California buyer acquired the multifamily property through Auction.com, paying $11.3 million for the class B, 85%-occupied Waterstone.

Adrian Goldstein with Gelt tells GlobeSt.com that there was at first some trepidation in buying the complex at 1651 S. Dobson Rd. through an auction service. However, “as we started to get into it and followed the procedures, it became enjoyable,” he comments. “The only caution is you really have to know what you’re doing. You can spend a whole lot of time upfront conducting due diligence and end up not getting the deal.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


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.

 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.