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Gelt Adds to Growing Denver Portfolio with $100M Regatta Buy
A large buy marks Los Angeles-based Gelt Inc.’s first acquisition of 2021 and adds to its growing portfolio in the Denver region, now totaling more than 2,600 units in seven apartment communities. Gelt recently acquired Regatta Apartments, a 93%-leased 352-unit multifamily community located at 10500 Irma Dr. in Northglenn, CO for $100.5 million.
Built in 2001, the garden-style gated community is situated on 22.79 acres, and includes 22 two-story buildings and one clubhouse building. All of the units were recently renovated by the seller.
“Regatta provided all the features and amenities residents are demanding in this market,” said Keith Wasserman, partner with Gelt. “Additionally, despite a slight uptick in apartment vacancy due to the pandemic, we remain bullish on the Denver region and anticipate it to outpace other U.S. metros for job and population growth over the coming months.”
Regatta is less than two miles from two light rail stations and the new N-Line. Situated along the I-25 Corridor in Northglenn, Regatta is in the Thornton submarket surrounded by a number of in-progress and recently completed large development projects.
Dan Woodward, David Potarf and Matt Barnett of CBRE represented the seller, Sares Regis Multifamily Funds, as well as Gelt in the transaction.
For comments, questions or concerns, please contact Lisa Brown
- ◦Sale/Acquisition
