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July 14, 2020
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Gelt Spends $61 Mil on Denver Area Res Community


Gelt Inc has acquired Timber Lodge, a 390-unit, value-add apartment community outside of Denver, for $61 mil ($156.4k/unit). The property is located about nine miles from downtown Denver at 1769 Coronado Pkwy in Thornton, CO.

Built in 1972, Timber Lodge is situated on 12.59 acres and consists of 15 two-story buildings with basements. The unit mix includes 178 one-bedroom units and 202 two-bedroom units. On-site amenities include two swimming pools, fitness center, business center, playground, BBQ area, soccer field, dog park, and carports.

Terrance Hunt, Shane Ozment, Amanda Meldrum and MacKenzie Walker of Newmark Knight Frank represented Gelt, as well as the seller, BMC.

“Although this property has been well-maintained and updated in key areas, Gelt saw this as a prime opportunity to add value by embarking on a strategic renovation of all the unit interiors to include modern finishes such as new stainless steel appliances, vinyl flooring, new plumbing fixtures, two tone paint, painted cabinets, and new light fixtures,” said Josh Satin, Director of Acquisitions with Gelt. “We will also be expanding the gym, adding a new dog park and soccer field, paving all the roads, and adding Amazon package lockers, among other upgrades.”

Danny Orland, Director of Investments with Gelt added, “Over the past few years, Denver has become our top market for acquisitions, and we are looking to continue expanding our footprint there over the next 24 months. With this acquisition, we now own 2,000 units over five apartment communities.”

The City of Thornton was recently named by Apartment List as the Safest City in the US and as the Best Place to Live in Adams County by Niche, and has posted a low apartment vacancy rate of approximately 3%.

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