Gelt Expands Denver Multifamily Portfolio

Gelt Inc. has acquired Cedar Run Apartments, a 384-unit property, for $62 million from Maxx Properties. The purchase brings Gelt’s Denver portfolio to 1,900 apartment units. The firm plans to acquire a total of 2,000 units in the market in the next 24 months.

Located at 888 South Oneida Street in Denver, the property sits on 14 acres and features one- and two-bedroom units, last renovated from 2012 to 2017. The property has the full roster of amenities, including a 27,000-square-foot clubhouse building with two racquetball courts, indoor pool, fitness center and conference room spaces.

Newmark Knight Frank vice chairmen Terrance Hunt and Shane Ozment represented the seller in the transaction, while executive managing director Mitch Clarfield and director Ryan Greer provided a 10-year, full-term interest-only debt at 70% LTV and a 4.2 percent rate through Freddie Mac’s Green-Up program.