SALT LAKE CITY, UT – Gelt, a Los Angeles-based real estate investment and asset management firm, announced it has sold Monaco Apartments, a 247-unit apartment property in Salt Lake City. The property is well-located in an area between downtown Salt Lake City and Sandy City.

Danny Shin and Brock Zylstra of Marcus & Millichap represented both the buyer, Bridge Investment Group, and Gelt in the transaction.

Gelt bought the property in July 2014 and made significant enhancements to the asset including rebranding the property with a new name and signage. Some of the key improvements included the addition of a sport court and dog park, painting the exterior of the buildings, and renovating the leasing office, clubhouse, and fitness center.

“Gelt saw Monaco Apartments as an opportunity to do what we do best: identifying an asset in a strong job market and making needed strategic operational and capital improvements to add value and bring rents to market rates,” said Keith Wasserman, a partner with Gelt, Inc. “We were able to achieve an approximately 140 percent cumulative yield for our investors, and a 2.4 multiple on their equity investment, inclusive of cash flows and sale proceeds.”

Jeff Harris, Gelt’s COO added: “Understanding that there is a tremendous amount of capital chasing workforce multifamily housing investments especially in a market with strong fundamentals like Salt Lake City, we determined it was an ideal time to sell Monaco. This sale frees up capital for us to make additional acquisitions as we are looking to buy another 1,000 units in Salt Lake City and a total of 2,000 units throughout the Western U.S. over the next year.”

Monaco Apartments was built in two phases in 1973 and 1978 and is situated on 10.49 acres at 4115 South 430 East in Salt Lake City.  The property consists of 23, three-tale buildings and includes one- and two-bedroom units that feature stainless steel appliances, walk-in closets and private balconies/patios. Some units offer fireplaces and washers/dryers.

“Monaco Apartments presented investors an exciting opportunity to buy a fantastic property in Utah,” noted Shin. “We were confident that the property would attract a fantastic deal of interest from buyers due to its location in a desirable community and solid historical performance.  The submarket continued to show strength and growth potential as proven by the high occupancy and increases in rental rates, especially in the renovated units.  The new owner is well-positioned to further increase revenue through continuing the renovation program and enhancing the amenity package.”

The asset is near the 15, 215 and 80 Interstates as well as Route 89. Its central location is also accessible to University of Utah, Salt Lake City International Airport, Salt Lake City Community College and Westminster College. The property is situated within a densely populated area with approximately 376,000 people within a five-mile radius.

Salt Lake City is the social, economic, and cultural center of the Salt Lake City metropolitan area, one of the fastest growing metropolitan areas in the country. The area’s growth is partially due to the recent clustering of tech-related corporations along an 80-mile swath from Provo to Ogden that has become known as Silicon Slopes. Additionally, Downtown Salt Lake City has become a thriving entertainment, shopping, and dining district that attracts visitors from across the region.   

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BOCA RATON, FL -Waypoint Residential, a vertically integrated real estate investment firm focused on the U.S. rental housing sector, announced that it has made Waypoint Student Living to manage Waypoint Residential’s student housing assets. Waypoint Student Living will immediately assume responsibility for seven of Waypoint’s 15 student housing properties and over 3,300 beds.

“The launch of Waypoint Student Living reflects our commitment to vertical integration, which is key to our investment strategy,” said Scott Lawlor, Chief Executive Officer of Waypoint Residential. “We expect Waypoint Student Living to grow considerably as a welcome addition to Waypoint Management Services, which manages our conventional multifamily properties.”

Waypoint Student Living will manage:

First Street Place, which serves East Carolina University in Greenville, NC

18 Seventy-Nine, which serves Sam Houston State University in Huntsville, TX

Midtown Corpus, which serves Texas A&M in Corpus Christi, TX

Chapel Ridge and Chapel View, which serve the University of North Carolina in Chapel Hill, NC

The Lodge at Athens, which serves the University of Georgia in Athens, GA

The Social at Auburn, which serves Auburn University in Auburn, AL

“Waypoint Student Living enables us to deliver an exceptional student living experience while providing economies of scale,” said Teresa DeVos, Managing Director of Property Operations for Waypoint Residential, who will oversee Waypoint Student Living. “The new group illustrates Waypoint’s model of developing expertise and managing assets in our key sectors of conventional multifamily, student and senior rental housing.”

Waypoint Student Living has assembled a team of professionals with extensive experience in student housing management. Jason White, a 21-year industry veteran, will be responsible for day-to-day operations. Additional team members include Daniel Griffin, Regional Manager; Angelia Jarvis, Director of Operations Systems; Emily Austin, Director of Marketing; and Patricia Moralez, National Director – Operations Specialist.

Waypoint Residential entered the student living sector in 2016. Today, its portfolio totals over 8,000 beds across 15 properties.

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ATLANTA, GA – Liquid Capital Real Estate Partners partnered with Wilson Investment Properties to buy a $51.2M, 45 acre multifamily complex in Norcross, GA. The Fields at Peachtree Corners is a garden-style apartment community comprised of 41 residential buildings offering a mix of one, two, and three-bedroom units, totaling just under 500,000 square feet.

The strategy is to drive rent growth through upgrading existing unit interiors, as well as improving and adding to the amenities and common areas.

Liquid Capital and Wilson Investment Properties selected the Atlanta metro due to a number of factors, including favorable tax benefits, low cost of living, and access to transportation, infrastructure and education. Atlanta is a highly desirable location and has the third largest concentration of Fortune 500 headquarters in the US. Rapid population and economic growth, a flourishing job hub, and a wealth of new development in and around Atlanta’s major business districts make the Fields at Peachtree Corners highly attractive for the multifamily investor’s portfolio. 

“These offerings allow our investors to diversify their investment portfolios outside of stocks and Wall Street,” Wilson Investment Properties principal Tom K. Wilson said. “Many of our clients like that they can invest directly in an institutional grade product for a fraction of the cost by utilizing the expertise of an experienced syndicator.” Investors will be receiving attractive yields and immediate cash flow distributions.

Led by Yitzi Karasick and Ido Gelerman, Liquid Capital is a leading multifamily investment company based in New Jersey that specializes in repositioning underperforming apartment communities in strong markets. This is the fourth major acquisition they’ve made in Atlanta in the last year and the second in Gwinnett County.

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