{"id":1004083907,"date":"2013-09-20T13:21:45","date_gmt":"2013-09-20T21:21:45","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=183923"},"modified":"2022-03-04T03:55:06","modified_gmt":"2022-03-04T11:55:06","slug":"gelt-buys-tempe-m-f-complex-for-15m-ihg-opens-holiday-inn-express-in-scottsdale","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/gelt-buys-tempe-m-f-complex-for-15m-ihg-opens-holiday-inn-express-in-scottsdale\/","title":{"rendered":"Gelt Buys Tempe M-F Complex for $15M; IHG Opens Holiday Inn Express in Scottsdale"},"content":{"rendered":"

By Amalia Otet, Associate Editor<\/em><\/p>\n

In a $15 million deal, Gelt Inc., \"\"<\/a> 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.<\/p>\n

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.<\/p>\n

“This sale is representative of a recent trend with older properties,” said Jim Crews of Cushman & Wakefield \u00a0Inc., 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.”<\/p>\n

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.<\/p>\n

The new addition to IHG\u2019s 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.<\/p>\n

Photo credit: Gelt Inc.<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

In a $15 million deal, Gelt Inc., has purchased Versante Apartments, a 240-unit multi-family complex in Tempe. 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