Tarzana-based real estate firm, Gelt Inc. has acquired a two-property apartment portfolio totaling 491 units for $74 million in two Seattle submarkets.
The properties consist of The Row, with 247 apartments in Kent, Wash.; and The Union, a 244-unit multifamily in Federal Way, Wash. Kenny Dudanakis, Ben Johnson and David Sorensen of Berkadia represented both Gelt and seller FPA Multifamily LLC in the transaction.
“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,” said Gelt partner Keith Wasserman in a statement.
Wasserman added that employment in greater Seattle over the past couple of years “has been outstanding” with 48,000 jobs added in 2017 and a projected 53,000 jobs to come in 2018.
“Seattle’s job growth and unemployment rates are amongst the best in the nation,” Wasserman said.
Built in 1981 at 25426 98th Avenue South in Kent, The Row sits on 10.8 acres and includes 13 three-story buildings with 32 studio units, 35 one-bedroom units, 152 two-bedroom units, and 28 three-bedroom units (average unit size: 754 square feet), plus amenities.
Erected in 1984 on 7.9 acres at 2111 SW 352nd Street in Federal Way, The Union, a garden-style community, showcases seven three-story buildings with 33 studio units, 150 one-bedroom units and 61 two-bedroom units (average unit size: 641 square feet), plus amenities.
Since the company's 2008 inception, Gelt has acquired nearly 8,000 homes valued at over $1 billion.