On September 29th, 2015, escrow closed for the sale of the Huntington Apartments in Tempe, Arizona. The 442 unit property was sold by Gelt for $34,600,000 ($78,280/unit and $99/sf), just 18 months after Gelt's acquisition of the property back in April of 2014. The sale of the property netted Gelt investors a cumulative return of approximately 54% and an annual return of approximately 36% over the ownership period. In addition, Gelt investors will receive an excess distribution in the months to come.
