Gelt Lands $85M for Seattle-Area Multifamily Portfolio

Located in Kent and Federal Way, Wash., the properties total 490 apartment units.
The Row

Gelt Inc. has received $85.5 million for The Row and The Union, two multifamily properties in Kent and Federal Way, Wash. Berkadia brokered the transaction on behalf of the seller.

The assets last changed hands in 2018 when Gelt paid $74 million to FPA Multifamily for the portfolio, Yardi Matrix data shows.

The Berkadia team that arranged the deal included Senior Managing Director Kenny Dudunakis, Senior Directors David Sorensen and Ben Johnson, and Associate Director George Pallis.

The Row and The Union

The properties, built in the early 1980s, are managed by Utah-based Apartment Management Consultants.

Located at 25426 98th Ave. in Kent, The Row encompasses 12 two- and three-story buildings across roughly 10.4 acres. The 247-unit property offers studios and one- to three-bedroom apartments, ranging in size from 400 to 980 square feet. All apartments include washers and dryers. Residents have access to a basketball court, a playground, a swimming pool, a spa and some 490 parking spaces.

The Union encompasses 243 units in six three-story buildings across 7.9 acres at 2111 SW 352nd St. in Federal Way. The unit mix consists of studios, one- and two-bedroom apartments ranging between 432 and 842 square feet. Amenities include a gym, a basketball court, a playground, a swimming pool, a spa, six laundry facilities and 243 parking spaces.

The Row is approximately 21 miles south of downtown Seattle, while The Union is some 27 miles from the city core. Both properties are within walking distance of retail and dining options.

Gelt Inc. has also been active in California this summer. In July, the company paid $54.7 million for Elevate Long Beach Apartments, a 160-unit community in downtown Long Beach.