Gelt Venture Partners, LLC (GVP) is pleased to announce it has acquired Alvera at the Meadows, a Class A, 142-unit multifamily property located at 688 W Nicholes Lane in American Fork, Utah.
Built in 2021 and situated on 4.07 acres, Alvera at the Meadows features a mix of one-, two-, and three-bedroom floorplans, averaging 956 square feet. Unit interiors offer premium finishes, including granite countertops, wood-style flooring, in-unit washer and dryers, kitchen islands, smart home technology, and private balconies. Community amenities include a pool and spa, fitness center, resident clubhouse, package lockers, and a children’s playground.
“We acquired this property with a stabilized occupancy of approximately 95% at closing,” said Keith Wasserman, a Partner with GVP. “Alvera presents us with an opportunity to bolster operations of this high-quality asset in a strong market which align with GVP’s expertise and specialty for adding value to multifamily assets. Our strategic reentry into Utah is supported by our proven track record in Salt Lake City where we have successfully acquired and operated over 1,000 units and currently own 628 units.”
“In addition to implementing improved management and operations, GVP will be executing common area enhancements including better signage, enhanced interior hallways, and increased landscaping as well as revenue augmentations that will include the optimization of the RUBS (Ratio Utility Billing System) recovery rate, among other value-enhancing strategies,” added GVP Partner and Chief Investment Officer Josh Satin.
The North Utah County region has emerged as a major destination for technology firms and skilled professionals nationwide, with employers such as Adobe, Oracle, Microsoft, Intel, EA Sports, Qualtrics, and Ancestry.com. The region has seen remarkable population growth of 17.4% over the past five years as well as consistent rental growth. Favorable demographics, growing population, supply/demand, growth of Silicon Slopes, and location of the Alvera provide strong market fundamentals for multifamily assets.
Brock Zylstra and Daniel Shin from IPA represented both the buyer and the seller in the transaction.
This is the second multifamily transaction GVP has acquired in less than 30 days. Early last month the firm acquired The Commodore, a 92-unit apartment property in National City, California (south San Diego County).
