FAQ: Gelt Venture Partners' Acquisition of Alvera at the Meadows in American Fork, Utah
Summary
What property did Gelt Venture Partners acquire and where is it located?
Gelt Venture Partners acquired Alvera at the Meadows, a 142-unit Class A multifamily property located at 688 W Nicholes Lane in American Fork, Utah, in the heart of the Silicon Slopes technology hub.
What are the key features and amenities of the Alvera at the Meadows property?
The property features one-, two-, and three-bedroom units averaging 956 square feet with premium finishes including granite countertops, wood-style flooring, smart home technology, and private balconies, plus community amenities such as a pool, fitness center, clubhouse, and children’s playground.
Why did Gelt Venture Partners choose to acquire this particular property?
GVP acquired the property due to its stabilized 95% occupancy, high-quality asset in a strong market, alignment with their expertise in adding value to multifamily assets, and strategic reentry into Utah where they have a proven track record of successful operations.
What improvements and enhancements does GVP plan to implement at the property?
GVP plans to implement improved management and operations, common area enhancements including better signage and landscaping, and revenue augmentations such as optimizing the RUBS (Ratio Utility Billing System) recovery rate.
What makes the North Utah County location attractive for multifamily investments?
The region has emerged as a major technology hub with employers like Adobe, Oracle, and Microsoft, experienced 17.4% population growth over five years, consistent rental growth, and strong market fundamentals including favorable demographics and growing demand.
Who represented the transaction and what is GVP’s recent acquisition history?
Brock Zylstra and Daniel Shin from IPA represented both buyer and seller, and this is GVP’s second multifamily acquisition in less than 30 days, following their purchase of The Commodore in National City, California.
What is Gelt Venture Partners’ background and expertise in the multifamily industry?
Founded in 2008, GVP has raised over $1 billion in equity, manages a portfolio valued at more than $2.5 billion, and specializes in apartments and storage facilities in the western U.S., financing through fixed-rate debt from agencies like Fannie Mae and Freddie Mac.
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