Dec
17
Banking on Apartments for the Long Term
ByNEW event in SoCal! Meet the people leading the sector at RealShare Industrial West. The Westin Long Beach, January 19-20. Room block available.
Wasserman: “We have seen a lot of cap-rate compression over the last two years—no one knows exactly what will happen, but our firm’s strategy is longer holds.”LOS ANGELES—With young people graduating with debt and moving into apartments for longer periods of time, some don’t see homeownership as the American dream, which bodes well for apartments, Gelt Inc. partner Keith Wasserman tells GlobeSt.com. As we recently reported, the Los Angeles-based real estate investment and asset-management firm has acquired from TruAmerica Multifamily 3300 Tamarac, a 564-unit apartment community in Denver, for $74 million, marking the firm’s largest apartment-property purchase to date in terms of both units and price, as well as its first acquisition in Colorado. We spoke exclusively with Wasserman and partner Damian Langere, both under age 40, about the firm, its accomplishments in 2015 and their expectations for next year in multifamily….
