Gelt Increases Denver-Area Presence with $145M Buy
- Jan 21, 2020
Gelt Inc. has expanded its Colorado portfolio with the acquisition of Kallisto at Bear Creek. The property was purchased by the Los Angeles-based real estate investment and asset management firm for $145.5 million. The community is located at 2605 S. Miller Drive in the Bear Creek area of Lakewood, Colo. Back in November, Gelt sold Westhills Apartment Homes, also in Lakewood, for $92 million.
Kallisto at Bear Creek was fully completed after the second phase of its development in 1996, according to the Yardi Matrix. The 472-unit property is positioned on just over 38 acres and includes 51 two- and three-story buildings. The community offers several on-site amenities including a community garden, tennis court, two swimming pools, hot tub, 31 acres of landscaped open spaces, barbecue spaces, clubhouse, business center, dog park and fitness center, among others. The units feature private balconies or porches, wood and gas fireplaces, washer/dryer, walk-in closets and extra storage.
Gelt is planning on investing $3.5 million in capital improvements over the next four years, which will include the addition of vinyl flooring, stainless steel appliances, quartz countertops, new cabinet faces and hardware, tile back splash and ceiling fans.
The acquisition of Kallisto at Bear Creek increases Gelt’s Denver-area property portfolio to approximately 2,500 units.
JLL’s Jordan Robbins, David Martin and Pamela Koster represented Gelt, as well as the seller, Holland Partner Group, in the transaction.