Gelt, Inc., a California-based firm, acquired the 415-unit multifamily complex located at 1926-1930 E. Camelback Road in Phoenix, AZ from AIMCO Holdings, LP for $16.25 million, or about $39,150 per unit.
The 266,320-square-foot Ferntree & Colonnade Gardens delivered in 1968 and 1973. It is situated on 9.5 acres. The property was reported at 97% occupied at the time of sale. The purchase was Gelt’s first acquisition in the Phoenix area.
Todd Braun, Jim Crews and Brett Polachek of Cushman & Wakefield Phoenix represented the seller.
Please see CoStar COMPS #2101024 for more information on this transaction.