Gelt sold its 269-unit Waterstone Apartments in Mesa, Arizona for $17.125 million ($63,662 per unit). The 269-unit Waterstone apartments is located at 1651 S. Dobson Road in Mesa, Arizona.
Gelt acquired Waterstone in April of 2012 for $11.287+ million ($41,961 per unit). Comulative returns to Gelt's investors net of all fees and promotes is approximately 60% over a 24 month hold period. Our business plan was implemented successfully and the company created a beautiful community in the process. It is bittersweet to see Waterstone go but we are excited for our newest acquisition of The Huntington (Formerly Known as Mill Pointe and 201 West) into the Gelt family of properties.