September 22, 2020
Los Angeles-based Gelt, Inc. acquired Silverwood Apartments in Gresham for $30 million. The 164-unit property is located at 4777 SW 11th St.
HFO’s Tyler Johnson, Rob Marton, and Greg Frick represented Gelt, as well as the seller, an unnamed private individual who owned the property for more than 25 years.
Gelt’s Jeff Harris notes as a result of the COVID-19 crisis they applied more “conservative projections” for this asset. “However, as a function of the good basis we bought the property for, a strategic business plan to capture significant value-add upside, and a desirable interest rate, we were able to forecast overall returns that met our desired yield requirements,” he said.
Built in 1991, the garden-style community is situated on just under nine acres and includes 32 buildings. The property features a pool, playground, walking/biking trails, and a picnic area.
Gelt also owns Powell Valley Apartment Homes in Gresham.
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