Gelt Shells Out $66M for Westhills Ownership Rights

Gelt Inc. has acquired the 400-unit Westhills in Lakewood, CO. The Los Angeles-based buyer paid $66 million to seller FPA Multifamily for the 40-year-plus asset. David Martin and Pam Koster with Moran & Co. brokered the transaction.

The property at 453 Van Gordon St. is Gelt’s second Denver-area acquisition. The buy brings Gelt’s portfolio in Denver close to 1,000 units.

FPA Multifamily renovated approximately 30% of the units. The new owner will fully renovate 100 units with vinyl plank flooring, stainless steel appliances, new fixtures and washer-dryer units. Gelt will also add appliances, flooring and new fixtures to the units that were renovated a decade ago.

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