By Dees Stribling,
Gelt Inc., a Los Angeles-based real estate investment firm, has acquired a two-asset, 580-unit apartment portfolio in Colorado for $107 million. Located in Lakewood, a suburb of Denver, the adjacent properties include Ascend at Red Rocks, a 408-unit property, and Elevate at Red Rocks, a 172-unit property.
Ascend at Red Rocks, at 13105 W. 2nd Place, was built in 1981 on 16.5 acres. The community offers one-, two- and three-bedroom units ranging from 850 square feet to 1,260 square feet. Common amenities include a 24-hour fitness center, heated swimming pool, recently renovated clubhouse, media and business center, volleyball court, barbecue grills and laundry rooms.
Elevate at Red Rocks dates from 2000 and located at 409 Zang Street on 9.5 acres. It offers one-, two- and three-bedroom units ranging from 673 square feet to 1,101 square feet. Common amenities include a similar array of offerings as at Ascend at Red Rocks.
Brokering the transaction
The seller of the portfolio was FPA Multifamily, a private equity real estate firm focused on both core plus and workforce communities. David Martin of Moran & Company brokered the transaction on behalf of both the buyer and the seller.
“This transaction is Gelt’s largest since our inception in 2008 and we have now acquired more than 6,700 units,” said Keith Wasserman, partner with Gelt. “We plan to keep moving forward by acquiring an additional $500 million over the next 12 months.”