Gelt, Inc. Remain Bullish on Denver Multifamily Market
Regatta Apartments, a 93 percent-leased, 352-unit multifamily community located at 10500 Irma Drive in Northglenn, has changed hands. Los Angeles-based private investment firm, Gelt, Inc., purchased the property for $100.5 million, adding to its growing portfolio in the Denver region which now totals more than 2,600 units.
“Regatta provided all the features and amenities residents are demanding in this market,” said Keith Wasserman, partner with Gelt. “Additionally, despite a slight uptick in apartment vacancy due to the pandemic, we remain bullish on the Denver region and anticipate it to outpace other U.S. metros for job and population growth over the coming months.”
Built in 2001, the garden-style gated community is situated on 22.79 acres and includes 22 two-story residential buildings and one clubhouse building. The asset features a mix of one, two and three-bedroom units averaging 919 square feet. All of the units were recently renovated by the seller to include vinyl plank flooring, stainless steel appliances, quartz countertops, and white shaker cabinets, among other upgrades. The spacious units also feature walk-in closets, nine-foot ceilings, patio or balcony, and extra storage. On-site amenities include a resort-style swimming pool, open air year-round hot tub, sports court, media center and theater, fitness center, business center, splash park, dog wash and dog exercise park, and barbecue area with fire pit.
“With this latest acquisition in the Denver metro area, Regatta allows us grow our national footprint as well as expand our local Denver portfolio, which will create more economies of scale and efficiencies in management for us within our portfolio in this market,” added Jeff Harris, partner with Gelt.
Regatta is less than two miles from two light rail stations and the new N-Line (Thornton Crossroads/124th and Northglenn/112th Avenue Station). Via Interstate 25, the property is less than 20 minutes from downtown Denver.
Regatta is located within the Thornton (THR) submarket and is surrounded by a number of in-progress and recently completed large development projects. Over the past few years, significant projects have opened their doors including a 2.4 million-square-foot Amazon distribution facility, the 350,000-square-foot Denver Premium Outlets, and the second Colorado location of Topgolf. Regatta’s location provides access to large nearby employers and major employment hubs in Boulder, Broomfield, and downtown Denver.
Gelt is seeking to acquire an additional $200 million in apartment assets in 2021 with a focus on properties in Denver and Salt Lake City metros. The firm also plans on entering the Dallas market with the intent to acquire several communities there over the next few years.
Dan Woodward, David Potarf, and Matt Barnett of CBRE represented the seller, Sares Regis Multifamily Funds, as well as Gelt in the transaction.
Photo courtesy of Gelt, Inc.