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MULTIFAMILY NEWS
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Gelt Spends $69 Mil on Colorado Multifamily Community

1/04/22

Gelt Inc closed out 2021 with the purchase of Willow Point Townhomes, a 117-unit, rental community in Denver, for $69 mil ($590k/unit) in an off-market transaction. Built in 2016, the property sits on 8.57 acres at 8500 E. Mississippi Ave.

The property consists of 30, two-story residential buildings and 274 parking spaces. It features spacious two- and three-bedroom townhome style units averaging 1.5k sf with attached two-car garages, private patios, stainless steel appliances, quartz countertops, full size washer/dryers, and select units with study rooms. On-site amenities include a resort-style pool and spa, dog wash, and playground.

Willow Point is within the Cherry Creek submarket, which is one of Metro Denver’s top school districts. The asset’s location also provides residents with easy access to Denver’s major employment centers in the Southeast Business Corridor, Fitzsimons Medical Campus and Downtown Denver. It is also convenient to a number of shopping centers and major highways.

“Our team at Gelt saw this as a compelling opportunity to add to our Denver-area apartment portfolio which now totals nearly 3,000 units in eight communities,” said Keith Wasserman, Partner with Gelt. “We are bullish on acquiring large properties in growing markets across the nation, and Willow Point Townhomes was an ideal fit. By adding this to our existing Denver portfolio, we expect to realize management efficiencies that we’ve seen at our other assets.”

Wasserman noted that in early 2021, Gelt acquired Regatta Apartments, a 352-unit multifamily community located at 10500 Irma Drive in Northglenn, CO, for $100.5 mil.

Colorado continues to be ranked as one of the nation’s top in-migration states. The state has added 760,000 people since 2010, the eighth-highest in the country. In addition, major employment sectors and hubs are available to residents. Colorado has the nation’s second largest aerospace economy and has one of the fastest-growing technology sectors in the nation. Denver is also the largest financial center between Chicago and Los Angeles.

The deal was sourced off market with no brokers involved in the transaction.





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