Los Angeles, Calif., October 30, 2019 – Gelt Inc., a Los Angeles-based real estate investment and asset management firm, announced today it has acquired Timber Lodge for $61 million. The 390-unit value-add apartment community is located about nine miles from downtown Denver at 1769 Coronado Parkway in Thornton, CO.
Terrance Hunt, Shane Ozment, Amanda Meldrum and MacKenzie Walker of Newmark Knight Frank represented Gelt, as well as the seller, BMC.
Built in 1972, Timber Lodge is situated on 12.59 acres and consists of 15 two-story buildings with basements. The unit mix includes 178 one-bedroom units and 202 two-bedroom units. On-site amenities include two swimming pools, fitness center, business center, playground, BBQ area, soccer field, dog park, and carports.
“Although this property has been well-maintained and updated in key areas, Gelt saw this as a prime opportunity to add value by embarking on a strategic renovation of all the unit interiors to include modern finishes such as new stainless steel appliances, vinyl flooring, new plumbing fixtures, two tone paint, painted cabinets, and new light fixtures,” said Josh Satin, Director of Acquisitions with Gelt. “We will also be expanding the gym, adding a new dog park and soccer field, paving all the roads, and adding Amazon package lockers, among other upgrades.”
Danny Orland, Director of Investments with Gelt added, “Over the past few years, Denver has become our top market for acquisitions, and we are looking to continue expanding our footprint there over the next 24 months. With this acquisition, we now own 2,000 units over five apartment communities.”
The City of Thornton was recently named by Apartment Listas as the Safest City in the US and as the Best Place to Live in Adams County by Niche, and has posted a low apartment vacancy rate of approximately 3 percent.
“We like the Thornton submarket because of its proximity to major employers located along the I-25 corridor, while also being just 15 minutes from downtown Denver,” said Jeff Harris, Partner with Gelt. “Timber Lodge is also ideally situated a few minutes from a number of retail, dining and entertainment options.”
Adding to its locational attributes, Timber Lodge is less than five minutes from the future Original Thornton & 88th RTD Light Rail Station. Upon completion, the 18.5-mile commuter line will run from Denver Union Station to Highway 7 in North Adams County. The community is centrally located to some of metro Denver’s newest and best retail and entertainment options with Thorncreek Crossing, a 386,000 square foot retail, anchored by Target, Sprouts Farmers Market and Barnes & Noble; The Orchard Town with more than one million square feet of development including REI, and Macy’s; The Denver Premium Outlets, a collection of specialty retailers including Tory Burch, Polo Ralph Lauren, Banana Republic Factory Store and Tumi, along with future phases of the development.
