Gelt Purchases Portland-Area Community for $30M
- Sep 24, 2020
Gelt Inc. has acquired Silverwood Apartments, a 164-unit property in Gresham, Ore., for $30 million. Tyler Johnson, Rob Marton, and Greg Frick of HFO Investment Real Estate assisted the buyer and the seller, a private individual who owned the asset for more than 25 years.
Built in 1991, the garden-style community comprises one-, two- and three-bedroom units. Common-area amenities include a swimming pool, playground, picnic area and walking/biking trails. Gelt plans on upgrading the interiors with new vinyl plank flooring, stainless steel appliances, new cabinet faces and ceiling fans. The firm also plans to rebrand the asset and improve the amenities.
Located at 4777 SW 11th St., on approximately 9 acres, the 32-building property is 5 miles from Interstate 205. The surrounding area has several retail and dining options, including Highland Fair Center, which is within walking distance of Silverwood. Downtown Portland is 11 miles from the asset.
This trade marks Gelt’s second community in Gresham. Since its inception in 2008, the company has acquired more than 10,300 apartment units. In January 2020, Gelt purchased a 472-unit property in Lakewood, Colo., for $145.5 million.