Los Angeles firm buys Lakewood apartments for $66M; plans on buying more in Denver

DENVER BUSINESS JOURNAL - Gelt Inc., a Los Angeles real estate investment and management firm, recently bought a Lakewood apartment complex for $66 million, and said it plans to expand its Denver apartment portfolio in the coming year.

Gelt said it purchased Westhills, a 400-unit apartment property at 453 Van Gordon St. in Lakewood, from FPA Multifamily.

The company said Westhills was built in 1972 on 16.22 acres, and the 27-building property includes two studio units, 108 one-bedroom units, and 290 two-bedroom units ranging from 580 square feet to 1,185 square feet. The company said it plans to renovate 25 percent of the units.

“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. 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," said Jeff Harris, director of acquisitions with Gelt, in a statement.

Read more at the Denver Business Journal: http://bit.ly/2dvzMCA

Copyright 2016 Denver Business Journal


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