Cedar Run Cedar Run

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.

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

Denver
Multifamily
Capital Markets