Gelt Sheds Tamarac Dr. Asset for a Cool $141M

Gelt Inc. recently sold 3300 Tamarac, a 564-unit apartment community located at 3300 S. Tamarac Dr. in Denver. The asset sold for $141 million to San Diego-based MG Properties Group.

Gelt acquired the property in December 2015 for $74 million. The company added significant value to the community by enhancing operating efficiencies, renovating 129 units and adding new amenities.

“This asset was a home run investment for Gelt that surpassed our projections handily, and we are pleased that we were able provide our investors with a substantial equity multiple along with consistent cashflow from operations along the way,” said Keith Wasserman, partner with Gelt. “In addition to our enhancements to the property which created value for area renters since the property was acquired, the Denver market has experienced unprecedented job and population growth, translating to rising rents and demand for quality assets like 3300 Tamarac.”

The brokers for the transaction were Dave Martin and Brian Mooney of Northmarq.

“MG Properties is a seasoned operator who appreciated the asset and its marquee location, and has identified significant remaining value-add upside,” adds Jeff Harris, partner with Gelt. “We anticipate they will realize future success with the tremendous tailwinds the local Denver economy has been creating for multifamily fundamentals.”