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Gelt is Bullish on Acquiring Large Properties in Growth Markets
Gelt Inc. recently acquired Willow Point Townhomes for $69 million in an off-market transaction. The 117-unit rental community is located at 8500 E. Mississippi Ave. in Denver.
Built in 2016 and situated on 8.57 acres, the property consists of 30 two-story residential buildings and 274 parking spaces. It features two- and three-bedroom townhome style units averaging 1,504 square feet with attached two-car garages.
“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.” In early 2021, Gelt acquired Regatta Apartments, a 352-unit multifamily community located at 10500 Irma Dr. in Northglenn, CO, for $100.5 million.
- ◦Sale/Acquisition
