TruAmerica Severs Ties With 564 Denver Units
TruAmerica Multifamily of Los Angeles has parted ways with a 564-unit apartment community in Denver.
By Ioana Neamt, Associate Editor
A 38-year-old, 15-building multifamily community has changed hands in the Mile-High City in a deal worth $74 million. TruAmerica Multifamily of Los Angeles has sold 3300 Tamarac, a 564-unit apartment complex located near the northern border of the Denver South Business Corridor, to the Tarzana, Calif.-based company Gelt Inc.
The transaction represents Gelt’s largest apartment property purchase to date, and its first foray into Colorado’s real estate market. David Martin and Pamela Koster of Moran & Co. represented both the buyer and the seller in the deal, while Brian Eisendrath and Ross Moore of CBRE procured the debt for Gelt.
3300 Tamarac is conveniently located at the intersection of I-25 and I-225, in a submarket that is home to seven Fortune 500 companies and more than 40 million square feet of office space. The property recently underwent extensive renovation and repositioning work and features 564 studio, one- and two-bedroom units ranging in size from 450 to 1,035 square feet.
Amenities at the site include: private balconies and patios; fireplaces and barbecue grills; fitness and business centers; three outdoor swimming pools; a clubhouse and lounge area; and a racquetball court.
“The asset is strategically located in an infill submarket with immediate access to major transportation, key employment centers, and an array of retail options,” Jeff Harris, director of acquisitions with Gelt, said in a statement. “We see continued upside through renovation of the remaining classic units and the addition of new amenities such as a bike room, additional storage, and an outdoor recreation area.”
In a joint venture with DVO Real Estate and RCG Longview, TruAmerica acquired 3300 Tamarac from AIMCO back in 2014. The Californian company has recently added another Colorado asset to its portfolio—the 561-unit Cherry Creek Club community in Denver’s Cherry Creek neighborhood.