Los Angeles, Calif. – Gelt, Inc. is pleased to announce it has acquired Willow Point Townhomes for $69 million in an off-market transaction. The 117-unit, rental community is located at 8500 E. Mississippi Avenue in Denver, CO.
Built in 2016, and situated on 8.57 acres, the property consists of 30, two-story residential buildings and 274 parking spaces. It features spacious two- and three-bedroom townhome style units averaging 1,504 square feet with attached two-car garages, private patios, stainless steel appliances, quartz countertops, full size washer/dryers, and select units with study rooms. On-site amenities include a resort-style pool and spa, dog wash, and playground.
“Our team at Gelt saw this as a compelling opportunity to add to our Denver-area apartment portfolio which now totals nearly 3,000 units in eight communities,” said Keith Wasserman, Partner with Gelt. “We are bullish on acquiring large properties in growing markets across the nation, and Willow Point Townhomes was an ideal fit. By adding this to our existing Denver portfolio, we expect to realize management efficiencies that we’ve seen at our other assets.”
Wasserman noted that in early 2021, Gelt acquired Regatta Apartments, a 352-unit multifamily community located at 10500 Irma Drive in Northglenn, CO, for $100.5 million.
Willow Point is within the Cherry Creek submarket which is one of Metro Denver’s top school districts. The asset’s location also provides residents with easy access to Denver’s major employment centers in the Southeast Business Corridor, Fitzsimons Medical Campus and Downtown Denver. It is also convenient to a number of shopping centers and major highways.
Colorado continues to be ranked as one of the nation’s top in-migration states. The state has added 760,000 people since 2010, the eighth-highest in the country. In addition, major employment sectors and hubs are available to residents. Colorado has the nation’s second largest aerospace economy and has one of the fastest-growing technology sectors in the nation. Denver is also the largest financial center between Chicago and Los Angeles.
“With Willow Point, we liked the well-located and highly amenitized asset in the burgeoning Denver market. With its large townhome layouts, two-car garages and patios, this community caters well to the ongoing trends of renters looking for larger units as an alternative to home ownership,” said Jeff Harris Partner with Gelt.
Josh Satin, Chief Investment Officer with Gelt added, “In 2021 we transacted on four high quality properties worth $370 million. Two of the properties were located in Denver and two were in Southern California. Early in 2021, we had targeted Southern California as a market we wanted to expand in and were able to acquire two quality properties in growing locations. We were also able to successfully achieve our goal of upgrading our portfolio by acquiring newer assets with less deferred maintenance. For 2022, we are looking to acquire $400 million in multifamily properties in our four target markets of Denver, Salt Lake City, Portland, and Southern California.”
The deal was sourced off market with no brokers involved in the transaction.
