Calif. investment firm buys Mountain Run complex
NE Heights apartment site has 473 units, 35 buildings
A large apartment complex in Albuquerque’s Northeast Heights has been sold to a Los Angeles-based company that is looking at additional acquisitions in the metro area.
Gelt Inc. on Monday said it purchased the 472-unit Mountain Run Apartments for an undisclosed amount. The seller was Chartwell Capital Partners. The Eagle team of CBRE Albuquerque represented both the buyer and seller in the transaction.
“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,” said Keith Wasserman, a partner with Gelt, in a statement. “We now have a portfolio that spans eight Western states.
“Albuquerque has shown consistent multifamily fundamentals for many years, mainly due to a lack of new supply. While other major cities saw significant rent declines in the last recession, Albuquerque remained stable, and we like that story.”
Jeff Harris, COO with Gelt, added: “We are seeking cash-flowing, stable investments for the long term, and the supply-constrained Albuquerque multifamily market is conducive to that strategy. Our goal is to own and operate at least 1,000 units here over the next 18 months.”
Built in 1985, Mountain Run covers 16 acres at 5800 Eubank NE. It includes 312 one-bedroom units and 160 two-bedroom units within 35 two- and three-story buildings. The complex saw a major renovation in 2012.
Gelt said it will renovate the leasing office, clubhouse and fitness center, as well as conduct upgrades to the sport court, and add barbecue/gazebo areas and a bike room.