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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RICHMOND, VA – Artisan Hill Apartments, the centerpiece of revitalization efforts in Greater Fulton has begun pre-leasing with a scheduled occupancy for the end of November.

The apartment community consists of two new buildings as well as the revitalization of the original historic Robert Fulton school house which became Fulton Hill Studios in 1997. The art studios, a 3,000 square-foot fitness center, market-cafe, and a ceramics studio, are all amenities designed to foster a sense of community and support for artists and other residents.

Developed by Fulton Hill Properties, in partnership with the City of Richmond, Artisian Hill is located minutes from Church Hill, Shockoe Bottom and downtown Richmond and will offer one and two bedroom apartments. A heated 75-foot saltwater lap pool, sky lounge, bike parking and repair shop, garage parking, soccer field, and a dog wash will be available to the residents.

President and Owner of Fulton Hill Properties, Margaret Freund, was born and raised in Richmond and has worked on bringing this project to fruition for more than 10 years. 

Freund is a passionate facilitator of community improvement through renovations and development including projects such as Bottom’s Up Pizza, Lady Byrd Hat, Canal Crossing, Haxall View and The Lofty. 

This development is based on “creative living for the adventurous”. Artisan Hill to have the benefits of Urban living while being surrounded by nature.

“I like this neighborhood. With a rich history and a diverse and engaged community, Greater Fulton is a fantastic place to be. I want Artisan Hill to be an integral part of this community, and, like the community, inclusive and welcoming,” said Freund.

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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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