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Los Angeles-based real estate investment and asset management firm Gelt Inc. has acquired Cedar Run Apartments for $62M.
The 384-unit apartment community is on 14 acres at 888 South Oneida St. in Denver.
Built in 1970 and partially renovated between 2012 and 2017, the property includes nine residential buildings with 240 one-bedroom units and 144 two-bedroom units with an average size of 846 SF. Amenities include a 27K SF clubhouse building with two racquetball courts, an indoor pool, a fitness center and conference room spaces. There are two outdoor pools, three courtyards with picnic and barbecue areas, a playground, a sand volleyball court and covered parking.
“Cedar Run was an investment opportunity we quickly identified as one we wanted to add to our growing apartment portfolio as it checked all the boxes of our investment criteria,” Gelt partner Keith Wasserman said. “Namely, this is a well-located, infill workforce housing asset in Denver with value-add upside via interior renovation and amenity addition.”
Gelt plans to renovate the complex, which will include vinyl plank flooring, new cabinet faces, hardware, lighting fixtures and resurfacing the countertops in the units. It also will renovate the leasing office, business center and gym, and add a dog park and package locker room and upgrade the barbecue area.
With the purchase of Cedar Run, Gelt now owns 1,900 units in Denver. The company’s goal is to add another 2,000 units to its Denver portfolio over the next two years.
“The metro Denver area is projected to continue to grow in population and jobs over the coming years, making this region a solid, long-term investment for apartment assets,” Gelt Director of Acquisitions Josh Satin said.
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