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| 3300 Tamarac Apartments, Denver, CO |
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| Keith Wasserman |
Los Angeles, CA – Gelt, Inc., a Los Angeles-based real estate
investment and asset management firm, has acquired 3300 Tamarac, a 564-unit apartment community, for $74 million in
Denver, CO.
This marks the firm’s
largest apartment property purchase to date in terms of both units and price,
as well as its first acquisition in Colorado. The property was acquired from
Los Angeles-based TruAmerica Multifamily.
“3300 Tamarac checked all
the boxes for our acquisition criteria,” said Jeff Harris, director of acquisitions with Gelt, Inc. “The asset is
strategically located in an infill submarket with immediate access to major
transportation, key employment centers, and an array of retail options.
“Additionally, the seller
invested a significant amount of capital in a successful value-add program. 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.”
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| Jeffrey Harris |
Damian Langere, partner of
Gelt, Inc. added: “The area surrounding the property has seen a tremendous
transformation in the last few years with the opening of a new Whole Foods two
blocks away and Target across the street.
"The asset’s stellar location ensures a long-term competitive advantage for apartment housing in the local market.”
"The asset’s stellar location ensures a long-term competitive advantage for apartment housing in the local market.”
David Martin of Moran
& Company represented both the seller and buyer in the transaction. Brian Eisendrath and Ross Moore of CBRE procured the debt
for Gelt.
For a complete copy of the company’s news release,
please contact:
Darcie Giacchetto
949.278.6224
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