October 5, 2016
Gelt Inc. has acquired the 400-unit Westhills in Lakewood, CO. The Los Angeles-based buyer paid $66 million to seller FPA Multifamily for the 40-year-plus asset. David Martin and Pam Koster with Moran & Co. brokered the transaction.
The property at 453 Van Gordon St. is Gelt’s second Denver-area acquisition. The buy brings Gelt’s portfolio in Denver close to 1,000 units.
FPA Multifamily renovated approximately 30% of the units. The new owner will fully renovate 100 units with vinyl plank flooring, stainless steel appliances, new fixtures and washer-dryer units. Gelt will also add appliances, flooring and new fixtures to the units that were renovated a decade ago.
For comments, questions or concerns, please contact Amy Sorter