SALT LAKE, UT—Marking its entry into the Utah market, Gelt, Inc., a Los Angeles-based real estate investment and asset management firm, has acquired Murray Ridge Apartments, a 247-unit apartment community in Salt Lake City, for $25.5 million.

Located at 4120 South 500 East, Murray Ridge Apartments includes 22 buildings and is situated on 10.36 acres. The property was developed in two phases with 103 units built in 1973 and 144 units built in 1977. Its on-site amenities include a fitness center, clubhouse, BBQ areas, business center and swimming pool.

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