Gelt Inc. has sold the 400-unit Westhills Apartment Homes in the Denver suburb of Lakewood, Colo., for $92 million, or $230,000/unit.
The Los Angeles investment manager, which had purchased the 47-year-old property, at 453 Van Gordon St., three years ago, sold it to Priderock Capital Partners of West Palm Beach, Fla. Gelt was represented in the latest sale by JLL.
Since buying the property, Gelt has invested $11 million on renovations that included upgrades to more than a quarter of the property's units, its clubhouse and fitness center, the installation of new siding, roofing and parking-lot asphalt, as well as the addition of grilling stations and a fire pit.
