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Gelt Enters Phoenix with $16M MF Buy

PHOENIX-The CA-based firm acquires the 415-unit Ferntree & Colonnade Gardens, marking it largest transaction since its inception in 2008.

By Jennifer Duell Popovec | Updated on May 02, 2011

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.”

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