Gelt Buys Tempe M-F Complex for $15M; IHG Opens Holiday Inn Express in Scottsdale

By Amalia Otet, Associate Editor

In a $15 million deal, Gelt Inc., has purchased Versante Apartments, a 240-unit multi-family complex in Tempe. The Tarzana, Calif.-based company made the value-add transaction with Prudential Real Estate Investors.

Located at 1330 W. Broadway Road, the 184,752-square-foot property was built in 1971 and is 94 percent occupied. It features one- and two-bedroom units averaging 770 square feet in size. Community amenities include two pools, a fitness center, basketball court, clubhouse and barbecue and picnic areas.

“This sale is representative of a recent trend with older properties,” said Jim Crews of Cushman & Wakefield  Inc., who marketed the property and procured the buyer. “Investors seeking excellent returns and better locations are able to purchase great infill properties such as Versante. After a few modest interior improvements, this asset will provide residents and Gelt with an appealing apartment building in an outstanding location.”

In hospitality news, InterContinental Hotels Group announced the grand opening of its Holiday Inn Express Hotel & Suites Phoenix North/Scottsdale, a four-story, 104-key hotel in Scottsdale.

The new addition to IHG’s portfolio in the Phoenix metro is located at 4575 E. Irma Lane in Scottsdale’s Desert Ridge area. The 60,000-square-foot property is also near the Wild Fire Golf Course, the Musical Instrument Museum as well as several corporate headquarters. Guest rooms feature contemporary styling, 32-inch high-definition TVs, refrigerators and microwave ovens. Hotel amenities include a swimming pool, a meeting room that can accommodate up 32 attendees, a 24-hour fitness center, complimentary high-speed Internet access and a business center.

Photo credit: Gelt Inc.