June 27, 2017
Los Angeles-based Gelt Inc. made its first foray into New Mexico with the acquisition of Mountain Run Apartments, a 472-unit community in Albuquerque. The property was sold by Chartwell Capital Partners for an undisclosed amount.
Gelt’s Keith Wasserman says, “With this acquisition, Gelt has acquired more than 6,000 units valued at $940 million, and we are pleased to have entered a new market with this buy. We now have a portfolio that spans eight Western states.”
Built in 1985, the community offers a tranquil, park-like setting on nearly 16 acres of land located at 5800 Eubank Blvd. NE. It includes 312 one-bedroom units and 160 two-bedroom units in 35 two- and three-story buildings.
CBRE’s David Eagle, Billy Eagle and Ryan Mills represented both the buyer and the seller. CBRE’s Brian Eisendrath, Brandon Smith and Cameron Chalfant originated the financing on behalf of Gelt.
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