Gelt Inc., the Tarzana-based real estate investment and asset management firm, has acquired Cedar Run Apartments, a Denver multifamily complex, for $62 million.
Newmark Knight Frank Vice Chairmen Terrance Hunt and Shane Ozment represented seller Maxx Properties in the transaction.
The 384-unit apartment community, situated on 14 acres of property at 888 S. Oneida St. in the Colorado hub, was originally built in 1970 and partially renovated in 2012.
The property includes nine residential buildings with 240 one-bedroom units and 144 two-bedroom units, averaging 846 square feet. The complex also features a 27,000-square-foot clubhouse building with Amenities.
According to Gelt Chief Operating Officer Jeff Harris, the renovation plan will include re-doing unit interiors by installing vinyl plank flooring, adding new cabinet faces, hardware and lighting fixtures, and resurfacing the countertops. Common area improvements will be made to the leasing office, business center, and gym, plus added dog park and locker room, and upgraded barbeque area.
Josh Satin, Gelt’s director of acquisitions, said Cedar Run brings the company’s Denver portfolio up to 1,900 units.
“Our goal is to add another 2,000 units to our portfolio here over the next two years,” Satin said in a statement.
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