Gelt Inc. has acquired the Timber Lodge apartment complex outside Denver.
The Woodland Hills real estate investment and management company paid $61 million in the deal. Terrance Hunt, Shane Ozment, Amanda Meldrum and MacKenzie Walker of Newmark Knight Frank represented both Gelt and the seller, BMC.
Timber Lodge, a 390-unit value-add apartment community, is located about nine miles from downtown Denver at 1769 Coronado Parkway in Thornton, Colo.
Built in 1972, Timber Lodge stands on 12.59 acres and consists of 15 two-story buildings with basements. The unit mix includes 178 one-bedroom units and 202 two-bedroom units.
“Although this property has been well-maintained and updated in key areas, Gelt saw this as a prime opportunity to add value by embarking on a strategic renovation of all the unit interiors to include modern finishes such as new stainless steel appliances, vinyl flooring, new plumbing fixtures, two-tone paint, painted cabinets and new light fixtures,” Gelt Director of Acquisitions Josh Satin said in a statement
“We like the Thornton submarket because of its proximity to major employers located along the I-25 corridor, while also being just 15 minutes from downtown Denver,” said added Gelt partner Jeff Harris. “Timber Lodge is also ideally situated a few minutes from a number of retail, dining and entertainment options.”
Gelthas more than 10,300 apartment units, RV and mobile home site and self-storage units.