Gelt Makes Second Area Buy; Acquires Waterstone from Auction.com

MESA, AZ-Less than a year after entering the region with its buy of the Ferntree and Colonnade Gardens apartment complexes, Gelt Inc. added the 269-unit Waterstone Apartments to its Phoenix area portfolio. The California buyer acquired the multifamily property through Auction.com, paying $11.3 million for the class B, 85%-occupied Waterstone.

Adrian Goldstein with Gelt tells GlobeSt.com that there was at first some trepidation in buying the complex at 1651 S. Dobson Rd. through an auction service. However, “as we started to get into it and followed the procedures, it became enjoyable,” he comments. “The only caution is you really have to know what you’re doing. You can spend a whole lot of time upfront conducting due diligence and end up not getting the deal.”