PHOENIX-Gelt Inc. has made its first acquisition here, paying $16 million for the 415-unit Ferntree & Colonnade Gardens. The deal marks the Tarzana, CA-based firm’s largest transaction since its inception in 2008.
“We plan on purchasing similar size and quality properties in Phoenix,” says Keith Wasserman, president of Gelt Inc. “We are looking to build a portfolio of 2,000 to 3,000 units in Phoenix.”
Gelt bought the class C apartment property, which is located at 5023 North 18th St. and 1930 East Camelback Rd., from AIMCO. The company plans to rename the property Colonnade Gardens, Wasserman says.
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