DENVER—California-based Gelt Inc. has paid $74 million for a 3300 Tamarac, a 564-unit apartment community in Denver. This marks the firm's largest apartment property purchase to date in terms of both units and price, as well as its first acquisition in Colorado. The property was acquired from Los Angeles-based TruAmerica Multifamily.

According to Jeff Harris, director of acquisitions with Gelt, "3300 Tamarac checked all the boxes for our acquisition criteria. The asset is strategically located in an infill submarket with immediate access to major transportation, key employment centers, and an array of retail options. Additionally, the seller invested a significant amount of capital in a successful value-add program. We see continued upside through renovation of the remaining classic units and the addition of new amenities such as a bike room, additional storage, and an outdoor recreation area."

Damian Langere, partner of Gelt, adds, "The area surrounding the property has seen a tremendous transformation in the last few years with the opening of a new Whole Foods two blocks away and Target across the street. The asset's stellar location ensures a long-term competitive advantage for apartment housing in the local market."