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

“We love the submarket there,” Wasserman says. “There are a lot of new employers in the area, plus it’s close to the Camelback Corridor.” La Paz, located at 6201 N. 16th St., right around the corner from another Gelt-owned asset, a 150-unit multifamily property at 1212 E. Bethany Home Rd., once known as Broadstone on Twelfth, and now named Capella Place.

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