November 2, 2016
Los Angeles-based Gelt Inc. is on a mission to acquire 1,000 apartments in the Portland metro region within the next 12 months. The company made its first step toward that purpose with its $39.5 million buy of the 228-unit Powell Valley Apartment Homes in Gresham, OR. Tyler Johnson, Cody Hagerman, Greg Frick and Rob Marton with HFO Investment Real Estate brokered the transaction between Gelt and seller Jackson Square Properties.
Powell Valley Apartment Homes is situated on 9 acres at 1500 S.W. Pleasant View Dr. Close to 100 of the units have been remodeled, and the new owner plans to update another 100 units with new flooring, appliances, fixtures, window covers and cabinet faces.
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