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November 22, 2019
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Colorado Multifamily Property Sells in $92 Mil Deal

11/06/19

Westhills Apartment Homes, a 400-unit apartment property in Colorado, traded hands in a $92 mil ($230k/unit) transaction. The property, located at 453 Van Gordon St in Lakewood, a submarket of Denver, was sold by Los Angeles-based Gelt Inc, who acquired the asset in 2016 for $66 mil.

Westhills is a garden-style apartment community with a park-like feel in 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. Amenities include two outdoor swimming pools, a fitness center, basketball court, dog park, playground, and a clubhouse with a kitchen and a lounge area with WiFi. Westhills is located in the Union Blvd/Federal Center area, which is the largest employment center in Lakewood and is just a 15-minute drive to downtown Denver.

During its ownership, Gelt invested approximately $11 mil on a strategic renovation program for the asset including significant interior upgrades to 26% of the units (the previous owners had made upgrades to 33%); new siding, roofs and asphalt; clubhouse upgrades; dog park revamp, BBQ and fire pit additions; and gym upgrades, among other improvements.

The name of the buyer was not immediately disclosed. Gelt was represented by David Martin, Pamela Koster and Brian Mooney of JLL in the transaction.




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