SALT LAKE CITY, UT—Gelt, Inc., a Los Angeles-based real estate investment and asset management firm, has acquired a 628-unit apartment property portfolio for $67.5 million. The two-property portfolio is located within the greater Salt Lake City region and includes Miller Estates, a 294-unit property, and Layton Meadows, a 334-unit property.

Both properties are located in dense, infill areas that are poised for population growth and as a result, increasing demand for rental housing over the next several years. Gelt plans to add value to the assets by conducting capital improvements to both the interior units and common areas, as well as implementing an enhanced management program through community building and excellent customer service. These strategies will enable the firm to achieve market rents and higher resident retention.

“We like the Salt Lake City market for investment because of its growing workforce, population, and economic health of the region and the state overall. It will continue to be one of our targeted areas for investment, and we hope to build a portfolio of at least 3,000 units in the greater Salt Lake area over the next couple of years,” said Keith Wasserman, partner with Gelt, Inc.