LA-Based Gelt Inc. Steps Into Seattle Multifamily Market With 2-Property Purchase
The total acquisition includes 491 units. The Row has 247 units, while The Union has 244.
This is Gelt’s first Seattle-area purchase. The company plans to acquire another 2,500 units in the Seattle area over the next two years, Gelt partner Keith Wasserman said.
The buildings’ locations played a part in the decision to make the purchase, according to Gelt.
Both properties are within a reasonable distance to the region’s top employers, including Boeing, Amazon, REI and Starbucks, and the ports of Tacoma and Seattle. Being outside of the city, the rent is less expensive in these markets.
“These factors, along with tremendous multifamily fundamentals in Kent and Federal Way, allowed us to quickly recognize this portfolio as a strategic long term investment,” said Gelt Chief Operating Officer Jeff Harris in a company statement.
Since 2008, Gelt has acquired 8,000 apartment homes and mobile home sites in excess of $1B in the western United States.