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PACIFIC NORTHWEST NEWS
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Gelt Starts the Year with $100 Mil CO Res Buy

2/03/21

Gelt Inc has acquired Regatta Apartments, a 352-unit multifamily community in Northglenn, CO, for $100.5 mil, or $285.5k/unit. Built in 2001, the garden-style gated community sits on 22.79 acres at 10500 Irma Dr.

Regatta Apartments consists of 22 two-story residential buildings and one clubhouse building. The asset features a mix of one-, two- and three-bedroom units averaging 919 sf in size. All of the units were recently renovated by the seller to include vinyl plank flooring, stainless steel appliances, quartz countertops, and white shaker cabinets, among other upgrades. The spacious units also feature walk-in closets, nine-foot ceilings, patio or balcony, and extra storage.

On-site amenities include a resort-style swimming pool, open air year-round hot tub, sports court, media center and theater, fitness center, business center, splash park, dog wash and dog exercise park, and barbecue area with fire pit. The community was 93% leased at time of sale.

Regatta is well-located within the Denver metro area, within the Thornton submarket, and is surrounded by a number of in-progress and recently completed large development projects. Over the past few years, significant projects have opened their doors including a 2.4 msf Amazon Distribution facility, the 350k sf Denver Premium Outlets and the second Colorado location of Topgolf. Regatta’s location provides access to large nearby employers and major employment hubs in Boulder, Broomfield, and downtown Denver.

“Regatta provided all the features and amenities residents are demanding in this market,” said Keith Wasserman, Partner with Gelt. “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.”

Dan Woodward, David Potarf, and Matt Barnett of CBRE represented the seller, Sares Regis Multifamily Funds, as well as Gelt in the transaction. This purchase marks Gelt’s first acquisition of 2021 and adds to its growing portfolio in the Denver region which now totals more than 2,600 units in seven apartment communities.




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