Gelt Inc, which has been on a multifamily buying spree lately, has come to Oregon, acquiring the 228-unit Powell Valley Apartment Homes in Gresham for more than $39M from Jackson Square Properties.
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The property, says Gelt partner Keith Wasserman, is in a Portland submarket with minimal multifamily product developed over the past several years and a very limited pipeline of future development. "Gresham is experiencing some of the best rental apartment metrics in the nation, as occupancy is hovering close to 100%.”
Front: Asset management director Noah Nudell and Keith. Back: Partner Damian Langere and Jeff Harris, director of acquisitions.
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The seller recently renovated about 92 unit interiors. To tap into renter demand for high-end finishes, LA-based Gelt plans some value-add work of its own, adding vinyl plank flooring, stainless steel appliances, new fixtures, window covering and new cabinet faces to the units.
"The strong fundamentals in the Portland market tell us that the area is primed for consistent, long-term growth and subsequently will provide strong returns for Gelt and our investors,” Jeff says.
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