PHOENIX-A little more than a month after shelling out $15million for the 240-unit Versante Apartments in Tempe, AZ,Gelt Inc. is back at it again, this time acquiring the 92-unit LaPaz. The Tarzana, CA-based buyer paid $6 million for the class Bapartment, and according to Gelt partner Keith Wasserman, the assetwas appealing due to its location.

"We love the submarket there," Wasserman says. "There are a lotof new employers in the area, plus it's close to the CamelbackCorridor." La Paz, located at 6201 N. 16^th St., rightaround the corner from another Gelt-owned asset, a 150-unitmultifamily property at 1212 E. Bethany Home Rd., once known asBroadstone on Twelfth, and now named CapellaPlace.

Wasserman tells GlobeSt.com that La Paz will also have a newname, but what that name is has yet to be decided. There is alsoupside in that "the property has been well-maintained, but willneed some interior renovations," Wasserman says. He acknowledgesthat while La Paz, at 92 units, is somewhat smaller than GeltInc.'s strategy of investing in multifamily properties with aminimum count of 100 units, La Paz's location and upside potentialappealed to the buyer.