Gelt Acquires 580-Unit Apartment Portfolio in Lakewood, Colorado for $107M
LAKEWOOD, COLO. — Gelt Inc. has acquired a 580-unit apartment portfolio in Lakewood, a western suburb of Denver, for $107 million. The two-property portfolio includes Ascend at Red Rocks and Elevate at Red Rocks.
Built in 1981 and located at 13105 W. 2nd Place, Ascend at Red Rocks is comprised of 408 units spanning 16.5 acres. The property offers one-, two- and three-bedroom units ranging from 850 square feet to 1,260 square feet.
Built in 2000 and located at 409 Zang St., Elevate at Red Rocks is comprised of 172 units across 9.5 acres. The property features one-, two- and three-bedroom units ranging from 673 square feet to 1,101 square feet.
Community amenities at both properties include 24-hour fitness centers, heated swimming pools, recently renovated clubhouses, media and business centers, volleyball courts, BBQ grills and laundry rooms. Ascend and Elevate are located just minutes from the Union Boulevard/Federal Center area, the largest employment center in Lakewood, according to Gelt.
Gelt plans to upgrade some of the units by installing vinyl plank flooring, stainless steel appliances and washers/dryers. At Elevate, Gelt will modernize the existing leasing office, clubhouse and playground. The fitness center will be updated at Ascend. A dog park, sports court and gazebo BBQ area will also be added.
FPA Multifamily, a private equity real estate firm, was the seller. David Martin of Moran & Co. brokered the transaction on behalf of both the buyer and seller. The price per unit was just under $184,500.
Los Angeles-based Gelt is a real estate investment and asset management firm. Since the company’s inception in 2008, Gelt has acquired more than 6,700 apartments valued in excess of $1 billion.
— Kristin Hiller