Gelt, Inc. Acquires 564-Unit Apartment Community for $74 Million in Denver, CO

  

3300 Tamarac Apartments, Denver, CO

 

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.”

Jeffrey Harris

“We like the Denver region for investment as it has diverse economic drivers, impeccable migration statistics as a result of job growth, great quality of life, and a growing population of millennials. All of these key fundamentals are driving a healthy apartment market.” noted Keith Wasserman, partner with Gelt, Inc.

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.”

  

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