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Gelt Purchases Two Multifamily Assets Totaling 588 Units in San Antonio

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Melia, a 300-unit apartment community in San Antonio, is one of two adjacent properties acquired by Los Angeles-based Gelt Inc.

SAN ANTONIO — Los Angeles-based investment and management firm Gelt Inc. has purchased two adjacent multifamily properties totaling 588 units in north San Antonio. Melia is a 300-unit community located at 3431 Oakdale St. that was built in 1976 and is 95 percent occupied. Barcelo is a 288-unit property located at 3501 Pin Oak Drive that was built in 1972 and is 94 percent occupied. Both communities feature pools, fitness centers, outdoor grilling stations and business centers. Charles Cirar, Michael Wardlaw and Colin Cannata of CBRE represented the seller, FPA Multifamily LLC, in the transaction, which marks Gelt’s first commercial acquisition in Texas.

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