Gelt Not Salty at All on Salt Lake City
- Jul 06, 2015
By Alex Girda, Associate Editor
Miller Estates and Layton Meadows, both multifamily properties located in the Salt Lake City area, have been added to an L.A.-based real estate investment and management company. Gelt paid a total of $67.5 million for the two communities, expanding its operations in the state with the 628 units.
The company made its first Salt Lake City purchase at the end of 2014, when it paid $25.5 million for the Murray Ridge Apartments. The recent acquisitions are consistent with the company’s strategy in 2015, as Gelt plans to invest a further $250 million in the growth of its real estate holdings western United States. According to a press statement announcing the acquisition, the company’s plan is to amass a residential portfolio of around 3,000 units in the Salt Lake City market over the following years.
The 294-unit Miller Estates is located at 4929 S. Lake Pines Drive in Murray. The asset includes a man-made lake, staggered elevations throughout the grounds, as well as easy access to the nearby Van Winkle Expressway. The previous owner upgraded the property with a $4 million renovation, but Gelt is planning to further improve the community by adding a dog park, children’s play area, and bike room.
The second community acquired by Gelt is located in Layton, the largest city in Davis County. The fully occupied Layton Meadows is located at 540 W. 1425 N. The new owner already plans to carry out improvements to the property’s interior and exterior. The 334-unit garden-style community will have its leasing office remodeled, part of Gelt’s improvement process.