Gelt Expands Denver-Area Portfolio
- Feb 03, 2021
Bullish on the Denver metro market, Gelt Inc. has expanded its portfolio in the state with the $100.5 million acquisition of Regatta Apartments. The company acquired the community in Northglenn, Colo., from Sares Regis Multifamily Funds with CBRE’s Dan Woodward, David Potarf and Matt Barnett representing both the buyer and seller.
The 352-unit Regatta Apartments offers one-, two- and three-bedroom floorplans that average 919 square feet. The community is divided across 22 two-story buildings and a clubhouse building on a nearly 22.8-acre site. According to Gelt, the community is 93 percent leased.
Regatta Apartments was built in 2001 but the previous owner, Sares Regis, recently renovated the units, installing vinyl plank flooring, stainless steel appliances, quartz countertops and white shaker cabinets. The units also offer walk-in closets, nine-foot ceilings, extra storage and have a patio or balcony. The community’s amenities include a pool, hot tub, sports court, media center, fitness center, business center, dog park and barbecue area.
Located at 10500 Irma Drive, Regatta Apartments is less than 2 miles from two light rail stations and a 20-minute commute on Interstate 25 to downtown Denver. The community’s location also gives its residents access to other major employment areas including Boulder and Broomfield.
POST-PANDEMIC PORTFOLIO GROWTH
The acquisition of Regatta Apartments marks Gelt’s first acquisition in 2021, which increases its Denver portfolio to more than 2,600 units spread throughout seven communities. Early in 2020, Gelt also acquired a 472-unit community in Lakewood, Colo. for $145.5 million.
Keith Wasserman, partner at Gelt, said in prepared remarks that the company is still bullish on the Denver area despite the increase in apartment vacancy that was caused by the COVID-19 pandemic. Wasserman added in his prepared statement that Gelt expects Denver to outpace other U.S. metros in terms of job and population growth in the coming months.
The company is also looking at acquiring an additional $200 million in apartment communities this year, particularly in the Denver and Salt Lake City metros. Gelt added that it is planning to enter the Dallas market by acquiring several communities in the Texas market over the next few years.