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Gelt Completes First Emerald City Acquisition, $74M for 491-Unit MF
Los Angeles-based Gelt Inc. acquired a two-property apartment portfolio totaling 491 units for $74 million in two submarkets 25 minutes south of downtown Seattle. The properties include The Row, a 247-unit asset in Kent (pictured above), and The Union, a 244-unit property in Federal Way.
Gelt’s Keith Wasserman says, “This is Gelt’s first acquisition in the Seattle region, and our goal is to acquire at least another 2,500 units here over the next two years.”
Berkadia’s Kenny Dudanakis, Ben Johnson and David Sorensen represented both the buyer and seller, FPA Multifamily, LLC, in the transaction.
Built in 1981 and located at 25426 98th Ave. South in Kent, The Row is situated on 10.81 acres and includes 13, three-story buildings.
Built in 1984 and located on 7.9 acres at 2111 SW 352nd St. in Federal Way, The Union is a garden-style community that includes seven, three-story buildings.
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- ◦Sale/Acquisition
