Gelt Acquires 400-Unit Apartment Property for $66 Million in Lakewood, Colorado
On September 29, 2016, Gelt acquired Westhills, a 400-unit apartment property for $66 million. The property is located at 453 Van Gordon Street in Lakewood, CO, a submarket of Denver.
Westhills is a garden-style apartment community with well-maintained grounds and a park-like feel. It is within the thriving submarket of Lakewood, which provides a variety of local economic drivers; a strong number of retail options; and a high quality of life. Local employers include The Denver Federal Center, St. Anthony?s Medical Center, Lakewood Technology Center, Red Rocks Community College, and the Colorado Mills Mall. Additionally, the property is walking distance to the Federal Center Light Rail Station which allows for a convenient commute to downtown Denver.
?We quickly identified Westhills as an asset that met all of our acquisition criteria, and we are thrilled to announce this strategic addition to our growing portfolio,? said Keith Wasserman, partner with Gelt. ?Westhills is a desirable community offering affordable rents for the area, and we plan to further enhance the living experience for residents through strategic renovations.?
The previous ownership recently renovated about 30 percent of the units. Gelt plans to fully renovate approximately 100 original units with vinyl plank flooring, stainless steel appliances, new cabinet faces, new fixtures, and the addition of stackable washer-dryer units. Gelt will also upgrade the remainder of the units which were renovated a decade ago by adding stainless steel appliances, vinyl plank flooring and new fixtures. Finally, the ownership plans on adding new amenities such as a bike room, storage room, entertainment room, and barbeque pits for residents to enjoy.
Built in 1972 and situated on 16.22 acres, the 27-building property offers two studio units, 108 one-bedroom units, and 290 two-bedroom units ranging from 580 square feet to 1,185 square feet. Amenities include two outdoor swimming pools, a fitness center, basketball court, dog park, playground, clubhouse with kitchen and a lounge area with WiFi. Westhills is located in the Union Blvd/Federal Center area, which is the largest employment center in Lakewood and employs more than 13,000 people. It is just a 15-minute drive from downtown Denver which employs in excess of 121,000 people.
?Westhills is Gelt?s second acquisition in the Denver region, an area which continues to be appealing to us due to its strong employment and population growth, and very sound multifamily fundamentals,? said Jeff Harris, director of acquisitions with Gelt.
Harris added: ?This acquisition brings our portfolio to nearly 1,000 units in Denver and we are looking to acquire 2,000 apartment units over the next 12 months. In addition to Denver, our target markets include Salt Lake City, Portland, Seattle, Reno, the San Francisco Bay Area, and Los Angeles.?