July 10, 2017 Comments Off on $107M Denver MF Acquisition, Gelt’s Largest Views: 779 Colorado, National News, Southwest

$107M Denver MF Acquisition, Gelt’s Largest

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Los Angeles-based Gelt Inc. acquired a two-asset, 580-unit apartment portfolio in Lakewood, CO from FPA Multifamily for $107 million. The properties include Ascend at Red Rocks, a 408-unit property, and Elevate at Red Rocks (pictured), a 172-unit property.

“This transaction is Gelt’s largest since our inception in 2008, and we have now acquired more than 6,700 units valued at $1 billion,” said Gelt’s Keith Wasserman. “We are thrilled with these milestones, but plan to keep moving forward by acquiring an additional $500 million over the next 12 months.”

Ascend at Red Rocks was built in 1981, and is located on 16.54 acres at 13105 W. 2nd Pl. Elevate at Red Rocks was built in 2000, and is located on 9.57 acres at 409 Zang St. The suburban market is roughly eight miles west of downtown Denver.

Moran & Company’s David Martin brokered the transaction on behalf of both parties.

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