January 17, 2020
Gelt Inc. broadened its Denver-area apartment portfolio by acquiring the 472-unit Kallisto at Bear Creek. The Los Angeles buyer paid seller Holland Partner Group $145.5 million for the multifamily property at 2605 S. Miller Dr. in the Bear Creek area of Lakewood, CO. The acquisition brings Gelt’s holdings to 2,500 units in the region.
The buy resulted from an upleg in a 1031 exchange with the recent sale of three assets. JLL’s Jordan Robbins, David Martin and Pamela Koster brokered the transaction.
Situated on 38 acres, Kallisto at Bear Creek consists of one and two-bedroom units, with amenities including a community garden, tennis court, two swimming pools, barbecue areas, clubhouse and business center, dog park and fitness center. The new owner plans to invest $3.5 million in capital improvements over the next four years.
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Tags: Apartments & Multifamily