Gelt Sells 247-Unit Monaco Apartments in Salt Lake City to Bridge Investment Group
SALT LAKE CITY — Los Angeles-based Gelt Inc. has completed the sale of Monaco Apartments, a multifamily property located at 4115 S. 430 East in Salt Lake City. Bridge Investment Group acquired the property for an undisclosed price.
Built in two phases in 1973 and 1978, the property is situated on 10.5 acres and features 23 three-story buildings offering 247 units in a mix of one- and two-bedroom layouts. Units features stainless steel appliances, walk-in closets and private balconies/patios. Additionally, select units offer fireplaces and washers/dryers. On-site amenities include a sport court and dog park, leasing office, clubhouse and fitness center.
Gelt acquired the property in 2014 and made significant improvements to the asset, including rebranding the property with a new name and signage.
Danny Shin and Brock Zylstra of Marcus & Millichap represented the buyer and seller in the deal.