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L.A.-Based Investment Firm Enters Texas with 588-Unit Multifamily Portfolio Buy in San Antonio

Gelt Inc. Buys Two Adjacent Apartment Complexes
August 6, 2018
A Los Angeles-based investment firm made its first-ever purchase in Texas.

Gelt, Inc. acquired a 588-unit multifamily portfolio in San Antonio from San Francisco-based FPA Mulitfamily for an undisclosed price.

The portfolio consists of two adjacent apartment complexes, Barcelo and Melia Apartments, located off of Oakdale St and Pin Oak Dr. in San Antonio’s Medical District. Both complexes offer a mix of one-, two- and three-bedroom floorplans, ranging in size from 600 to 1,304 square feet, according to CoStar data.

Gelt Partner Keith Wasserman noted that the investment firm decided make its first Texas investment in the San Antonio market because it’s one of the top population growth markets in the U.S., it has a diverse set of economic drivers and it has sound multifamily fundamentals.

Gelt "will continue to seek additional value-add opportunities in the San Antonio region as well as other high-growth Texas markets to further bolster our market share and capitalize on economies of scale for our portfolio,” said Wasserman.

Gelt plans to renovate both properties, which were originally built between 1972 and 1976. Renovation plans include new community amenities and modernize half of the un-renovated units, according to Jeff Harris, the firm’s chief operating officer, in a press release.

Charles Cirar, Michael Wardlaw and Colin Cannata of CBRE’s Austin, TX office brokered the sale on behalf of the seller.

Please see CoStar COMPS #4460996 for more information on this transaction.
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