Gelt Enters Albuquerque Market
The company purchased Mountain Run Apartments from Chartwell Capital Partners and has plans to renovate and upgrade the amenity spaces.
By IvyLee Rosario
Gelt Inc. acquired Mountain Run Apartments in Albuquerque, N.M., from Chartwell Capital Partners. David Eagle, Billy Eagle and Ryan Mills of CBRE represented both the buyer and seller in this transaction. Brian Eisendrath, Brandon Smith and Cameron Chalfant, also of CBRE, represented Gelt in originating the financing.
Located at 5800 Eubank Blvd. NE, the 472-unit community comprises one- and two-bedroom floorplans ranging from 528 to 967 square feet across 35 two- and three-story buildings. Built in 1985, the community sits on nearly 16 acres of land. Apartment features include washer/dryers, fireplaces, private balcony/patios, vaulted ceilings, stainless steel appliances, granite countertops, custom maple cabinetry, updated lighting and faux wood flooring in kitchens and dining room areas. Residents have access to amenities such as a heated swimming pool, indoor spa, basketball courts, business center, fitness center, movie theater, resident lounge, playground and 690 parking spaces.
The Gelt Mission
“Gelt Inc. is excited to enter the Albuquerque, N.M. market with the acquisition of Mountain Run. The asset is located in the highly desirable Northeast Heights submarket, a region which has a highly rated school district and is in close proximity to major employment corridors,” Jeff Harris, COO of Gelt, told Multi-Housing News. “Albuquerque has historically maintained strong occupancy even through times of national economic recession, mainly due to lack of new multifamily supply. We see this trend continuing and expect a thriving multifamily environment into the foreseeable future. The consistent nature of the Albuquerque multifamily market is in line with our investor’s objective of consistent cash flow for the long term, while preserving and enhancing equity invested. Moving forward, we look to continue to acquire well-located assets in major cities in the Western U.S. with strong, stabilized yields in place and continued upside through renovation of unit interiors and amenities.”
Gelt has plans to renovate the leasing office, fitness center, clubhouse, sports court and add in a barbecue/gazebo area and bike room. The most recent upgrades to the property took place in 2012. The community is in close proximity to the Mountain Run Shopping Center, which offers a Smith’s Grocery Store, Wells Fargo, U.S. Postal Service branch and a Walgreens. Across the street is the Academy Hills Park, a recently renovated 13.4-acre park.
“With this acquisition, Gelt has acquired more than 6,000 units valued at $940 million and we are pleased to have entered a new market with this buy. We now have a portfolio that spans eight western states,” said Keith Wasserman, partner with Gelt.
Image courtesy of Gelt Inc.