Gelt Continues to Expand Denver Portfolio
The investor acquires Cedar Run Apartments for $62 million and plans to immediately start a capital improvement plan.
Gelt is continuing to grow its Denver multifamily portfolio. The investor has acquired Cedar Run Apartments, a 384-unit apartment complex in Denver, for $62 million from Maxx Properties. This is a value-add play for Gelt, and it plans to immediately embark on a capital improvement plan.
Cedar Run was built in 1970, and it was last renovated in 2012 and 2017. While it was recently renovated and well maintained, Gelt sees an opportunity to take the property to a new level by renovating the common areas, adding amenities and updating the interiors. There is a mix of one- and two-bedroom units.
This purchase brings Gelt’s growing Denver portfolio to 1,900 square feet. The company is planning to add another 2,000 units over the next 24 months.