Gelt has closed its largest acquisition to date. The firm acquired Kallisto at Bear Creek, a 472-unit apartment property in Denver, for $145.5 million. With this acquisition, Gelt now has a portfolio of more than 2,500 properties in the Denver metro.
"We've always believed in buying large multifamily assets," Jeff Harris, a partner at Gelt, tells GlobeSt.com. "On larger communities, we find we can achieve economies of scale on our expenses, and also build mass in MSAs that we believe in at a faster pace, which in turn leads to further economies of scale on a market-wide level. We will continue to seek large multifamily assets to add to our portfolio."
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