TEMPE, AZ-Gelt Inc., based in Tarzana, CA, acquired the 240-unit Versante Apartments for $15 million. The buyer made the value-add deal with Prudential Real Estate Investors.
Versante, located at 1330 W. Broadway Rd., was built in 1971 and is 94% occupied. Jim Crews and Brett Polachek of Cushman & Wakefield of Arizona Inc. successfully marketed the property for sale and procured the buyer.
“This sale is representative of a recent trend with older properties,” Crews observes. “Investors seeking excellent returns and better locations are able to purchase great infill properties such as Versante. After a few modest interior improvements, this asset will provide residents and Gelt with an appealing apartment building in an outstanding location.”
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