Gelt buys apartment community for $100 million

Northglenn, Colorado

News Nation USA

L.A. Biz

Los Angeles-based Gelt Inc., a real estate investment firm, recently purchased Regatta Apartments, a 352-unit apartment community in Northglenn, for $100.5 million, the company announced Tuesday.

Dan Woodward, David Potarf, and Matt Barnett of CBRE represented the seller, Sares Regis Multifamily Funds, as well as Gelt in the transaction.

Gelt’s Denver-area portfolio now consists of more than 2,600 units across seven apartment communities, the company said in a release.

Built in 2001, Regatta Apartments consists of 22 two-story residential buildings and one clubhouse across 22.79 acres. The community, which is located at 10500 Irma Dr., features a mix of one-, two- and three-bedroom units, and was 93% leased at the time of the sale, according to the release.

“Regatta provided all the features and amenities residents are demanding in this market,” said Keith Wasserman, a partner at Gelt, in a statement. “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.”

Sares Regis Multifamily Funds recently upgraded all the units to include vinyl plank flooring, stainless steel appliances, quartz countertops and white Shaker-style cabinets, among other renovations.

Amenities on the apartment property include a resort-style swimming pool, hot tub, sports court, media center and theater, fitness center, business center, “splash park,” dog wash, dog exercise park and barbecue area with a fire pit.

Regatta Apartments last sold in 2016 for $81.8 million, according to Adams County property records.

Since it was founded in 2008, Gelt Inc. has acquired 14,846 apartment units, RV and mobile home sites, self-storage units, and apartment units in development, valued at more than $2 billion, according to the company.

In January 2020, the company purchased a 472-unit apartment community in Lakewood for $145.5 million, according to previous Denver Business Journal reporting.

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