Located at 10500 Irma Drive in Northglenn, Colorado, the garden-style Regatta gated community sits on 22.8 acres. It includes 22 two-story residential buildings and a clubhouse. The asset features a mix of one-, two- and three-bedroom units averaging 919 square feet. All units were recently renovated by the seller to include vinyl plank flooring, stainless steel appliances, quartz countertops, white cabinets and other upgrades.
With this purchase, Gelt has 2,600 units at seven apartment developments in the Denver market.
On-site amenities include a resort-style swimming pool, open air year-round hot tub, sports court, media center and theater, fitness and business centers, splash park, dog wash and dog exercise park and barbecue area with fire pit.
“Regatta provided all the features and amenities residents are demanding in this market,” Gelt partner Keith Wasserman said in a statement. “Additionally, despite a slight uptick in apartment vacancy due to the pandemic, we remain bullish on the Denver region and anticipate it to outpace other U.S. metros for job and population growth over the coming months.”
“With this latest acquisition in the Denver metro area, Regatta allows us grow our national footprint as well as expand our local Denver portfolio, which will create more economies of scale and efficiencies in management for us within our portfolio in this market,” added Gelt partner Jeff Harris.
Dan Woodward, David Potarf and Matt Barnett of CBRE Group represented the seller, Sares Regis Multifamily Funds, as well as Gelt in the transaction.