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Gelt Grabs Denver MF for $62M
Los Angeles-based Gelt Inc. acquired Cedar Run Apartments from Maxx Properties for $62 million. The 384-unit apartment community is situated on 14 acres at 888 South Oneida St. in Denver.
Built in 1970 and partially renovated between 2012 and 2017, the property includes nine residential buildings with 240 one-bedroom units and 144 two-bedroom units. The property also has a 27,000-square-foot clubhouse building with two racquetball courts, indoor pool, fitness center and conference room spaces. On-site amenities include two outdoor pools, three courtyards with picnic and BBQ areas, playground, a sand volleyball court and covered parking.
Gelt’s Keith Wasserman noted the opportunity was attractive because it “is a well-located, infill workforce housing asset in Denver with value-add upside via interior renovation and amenity addition.”
NKF’s Terrance Hunt and Shane Ozment represented the seller. NKF’s Mitch Clarfield and Ryan Greer also provided the 10-year, full-term interest-only debt at 70% LTV, and a 4.2% rate through Freddie Mac’s Green-Up program.
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- ◦Sale/Acquisition

