Tarzana investment and property management firm Gelt Inc. has bought a Colorado apartment complex for $66 million, citing Denver’s growing population and employment.
Gelt bought the 400-unit Westhills apartments at 453 Van Gordon St. in the Denver suburb of Lakewood from Fowler Property Acquisitions. The complex was built in 1972 and is spread across 27 buildings on more than 16 acres.
The firm plans to continue the prior owners’ renovation of 30 percent of the units by refurbishing 100 original units with new vinyl plank flooring, stainless steel appliances, cabinet faces, fixtures and in-unit washers and dryers. Gelt also plans to add rooms for bikes, storage and entertainment, as well as install barbeque pits.
The complex is 15 minutes from downtown Denver, Gelt said.
“Westhills is Gelt’s second acquisition in the Denver region, an area which continues to be appealing to us due to its strong employment and population growth, and very sound multifamily fundamentals,” said Jeff Harris, Gelt’s director of acquisitions.
Gelt plans on buying 2,000 apartment units over the next 12 months in areas such as Denver, Salt Lake City, Portland, Seattle, Reno, the San Francisco Bay Area and Los Angeles, Harris said.
David Martin and Pam Koster of Moran & Co. negotiated the deal on behalf of Gelt and the seller.