SALT LAKE, UT—Marking its entry into the Utah market, Gelt, Inc., a Los Angeles-based real estate investment and asset management firm, has acquired Murray Ridge Apartments, a 247-unit apartment community in Salt Lake City, for $25.5 million.
Located at 4120 South 500 East, Murray Ridge Apartments includes 22 buildings and is situated on 10.36 acres. The property was developed in two phases with 103 units built in 1973 and 144 units built in 1977. Its on-site amenities include a fitness center, clubhouse, BBQ areas, business center and swimming pool.
“Salt Lake City is a very hot market that we have aggressively pursued over the past two years,” said Keith Wasserman, partner with Gelt, Inc. “We are pleased to acquire this prime property at significantly below replacement cost and at an excellent basis as very little product trades hands and many transactions occur off-market.”
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
