Gelt Purchases Westhills Apartments in Lakewood for $66M
LAKEWOOD, COLO. — Gelt has purchased the 400-unit Westhills apartments in Lakewood for $66 million. The community is located at 453 Van Gordon St.
Westhills was built in 1972. FPA Multifamily, the previous owner, recently renovated about 30 percent of the units. Gelt plans to fully renovate approximately 100 of the original units with vinyl plank flooring, stainless steel appliances, new cabinet faces, new fixtures, and the addition of stackable washer-dryer units.
Gelt will also upgrade the remaining units, which were renovated a decade ago, by adding stainless steel appliances, vinyl plank flooring and new fixtures. The owner will also add new amenities like a bike room, storage room, entertainment room and barbeque pits.
Notable employers in the area include the Denver Federal Center, St. Anthony’s Medical Center, Lakewood Technology Center, Red Rocks Community College and the Colorado Mills Mall. The garden-style community is also within walking distance of the Federal Center Light Rail Station.
This is Gelt’s second acquisition in the Denver region. The firm is looking to acquire 2,000 apartment units over the next 12 months. In addition to Denver, its target markets include Salt Lake City, Portland, Seattle, Reno, the San Francisco Bay Area and Los Angeles.