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2/14/24
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Gelt Venture Partners LLC (GVP) has acquired Allure Apartments, a 252-unit apartment property in Denver, for $68.25 mil ($271k/unit). The property is located at 1300 S. Willow St, on the northeast side of Hwy 83.
Built in 2002 and renovated in 2023, Allure Apartments is situated on just under 14 acres and includes 517 parking spaces. The asset features 12 two- and three-story buildings and offers residents expansive one- and two-bedroom units averaging 1k sf.
On-site amenities include a 24-hour fitness center, heated pool, private detached garages, parcel package lockers, business center, coffee bar, and a resident clubhouse. The upgraded units include washer/dryers, wood-style flooring, granite countertops, stainless steel appliances, updated cabinets, upgraded light fixtures, plush carpets in the bedrooms, a patio or balcony, and 9’ vaulted ceilings.
Allure is located nine miles southeast of downtown Denver, four miles east of the Cherry Creek submarket, and eight miles north of the Denver Tech Center. The asset is proximate to employment hubs along with retail destinations and is also located in the highly coveted Cherry Creek School District, which is one of the top school districts in Colorado.
“With the acquisition of Allure Apartments, GVP will benefit from economies of scale in Denver as we also own Willow Point Townhomes just .3 miles away,” said Keith Wasserman, a Partner with GVP. “The unit mix at Willow Point and Allure are complementary as Allure consists of all one- and two-bedroom units and Willow Point offers of all three-bedroom townhomes. We will be able to drive leasing traffic to each property depending on tenants’ needs.”
The seller was Sares Regis Group. Jordan Robbins of JLL represented both sides of the transaction. With this acquisition, GVP now owns and manages more than 2,500 apartment units in eight properties and 85k sf of self-storage property in the Denver region.
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