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10/05/16
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Gelt Inc has acquired Westhills, a 400-unit residential community in Colorado, for $66 mil ($165k/unit). The property is located at 453 Van Gordon St in Lakewood, a submarket of Denver.
Westhills is a garden-style apartment community with well-maintained grounds and a park-like feel. It is within the thriving submarket of Lakewood, which provides a variety of local economic drivers; a strong number of retail options; and a high quality of life. Local employers include The Denver Federal Center, St. Anthony’s Medical Center, Lakewood Technology Center, Red Rocks Community College, and the Colorado Mills Mall. Additionally, the property is walking distance to the Federal Center Light Rail Station which allows for a convenient commute to downtown Denver.
Built in 1972 and situated on 16.22 acres, the 27-building property offers two studio units, 108 one-bedroom units, and 290 two-bedroom units ranging from 580 sf to 1.2k sf. Amenities include two outdoor swimming pools, a fitness center, basketball court, dog park, playground, clubhouse with kitchen and a lounge area with WiFi.
The previous ownership recently renovated about 30 percent of the units. Gelt plans to fully renovate approximately 100 original units with vinyl plank flooring, stainless steel appliances, new cabinet faces, new fixtures, and the addition of stackable washer-dryer units. The company will also upgrade the remainder of the units which were renovated a decade ago by adding stainless steel appliances, vinyl plank flooring and new fixtures. Finally, the ownership plans on adding new amenities such as a bike room, storage room, entertainment room, and barbeque pits for residents to enjoy.
Westhills is located in the Union Blvd/Federal Center area, which is the largest employment center in Lakewood and employs more than 13,000 people. It is just a 15-minute drive from downtown Denver which employs in excess of 121,000 people.
David Martin and Pam Koster of Moran & Company represented both Gelt and the seller, FPA Multifamily. The acquisition brings Gelt’s portfolio to nearly 1,000 units in Denver. The firm is looking to acquire 2,000 apartment units over the next 12 months. In addition to Denver, their target markets include Salt Lake City, Portland, Seattle, Reno, the San Francisco Bay Area, and Los Angeles.
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