August 2, 2018
Gelt Inc., headquartered in Los Angeles, made its entry into Texas, acquiring a two-property apartment portfolio in San Antonio totaling 588 units. The two adjacent properties are the 288-unit Barcelo and the 300-unit Melia. Though seller FPA Residential LLC made capital investments in both properties during its five-year hold, Gelt plans additional upgrades. CBRE’s Charles Cirar, Michael Wardlaw and Colin Cannata represented the seller.
“Upon identifying Barcelo and Melia as investment opportunities, we quickly noted two well-located, well-maintained assets with immediate access to the (Interstate) 10 and 410 freeways, and also proximity to an array of job drivers,” said Gelt’s Jeff Harris.
The 1970s properties are adjacent; Barcelo is at 3501 Pin Oak Dr., and Melia, at 3431 Oakdale. Both feature one, two and three-bedroom units, swimming pools, charcoal grilling stations and a leasing office and business center. Upgrades will include the addition of dog parks, sports courts and completion of unit renovations.
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