Gelt Pays $68M for 252-Unit Denver Apartment Project

Gelt Venture Partners (GVP) has acquired Allure Apartments for $68.25 million. “We acquired this asset at an attractive basis with long-term fixed-rate debt,” added GVP’s Damian Langere. The seller was Sares Regis Group. Jordan Robbins of JLL represented both sides of the transaction.

The 252-unit apartment property is located at 1300 S. Willow Street in Denver, CO. With this acquisition, GVP now owns and manages more than 2,500 apartment units in eight properties and 85,000 square feet of self-storage property in the Denver region. 

Built in 2002 and renovated in 2023, Allure Apartments is situated on 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 1,010 square feet. On-site amenities include a 24-hour fitness center, heated pool, balconies or patios, private detached garages, parcel package lockers, business center, coffee bar, a resident clubhouse.

Register today for Connect Phoenix Multifamily & Single-Family Build-to-Rent, scheduled for April 18 at the Westin Kierland Resort & Spa, Scottsdale, AZ.