LAKEWOOD, CO – Marking the firm’s largest property acquisition to date, Gelt Inc., a Los Angeles-based real estate investment and asset management firm, has bought a two-asset, 580-unit apartment portfolio for $107 million.

Located in Lakewood, CO, a thriving suburban market approximately eight miles west of downtown Denver, the adjacent properties include Ascend at Red Rocks, a 408-unit property, and Elevate at Red Rocks a 172-unit property.

“This transaction is Gelt’s largest since our inception in 2008 and we have now bought more than 6,700 units valued in excess of $1 billion,” said Keith Wasserman, partner with Gelt. “We are thrilled with these milestones, but plot to keep moving forward by acquiring an additional $500 million over the next 12 months.” 

Ascend and Elevate are located just minutes from the Union Blvd/Federal Center area, which is the largest employment center in Lakewood. Anchored by the Denver Federal Center, this 1,000-acre area employs more than 13,000 people. Lakewood’s other economic drivers include the St. Anthony Medical Campus, Lakewood Tech Center, Red Rocks Community College, and the Colorado Mills Mall. Lakewood is Colorado’s fifth largest city with 149,000 residents.

Following are details on each property:

Ascend at Red Rocks: Built in 1981 and located at 13105 W. 2nd Place, the property is comprised of 408 units and is situated on 16.54 acres. The asset offers one-, two-, and three-bedroom units ranging from 850 square feet to 1,260 square feet. Community amenities include a 24-hour fitness center, heated swimming pool, recently renovated clubhouse, media and business center, volleyball court, BBQ grills, and laundry rooms.

Elevate at Red Rocks: Built in 2000 and located at 409 Zang Street, the property is comprised of 172 units and is situated on 9.57 acres. It offers one-, two- and three-bedroom units ranging from 673 square feet to 1,101 square feet. Community amenities include a 24-hour fitness center, heated swimming pool, recently renovated clubhouse, media and business center, volleyball court, BBQ grills, and laundry rooms.

“With one asset built in 2000 and the other built in 1981, we liked this stabilized portfolio’s blend of newer and older product which subsequently offers two different rental price points,” said Jeff Harris, COO with Gelt. “Buying two assets immediately adjacent to each other also allows us economies of scale on our expenses, not to mention building scale to our already existing Lakewood portfolio which now totals 980 units in three properties.” 

Harris noted that Gelt plans to add value by upgrading some of the units that weren’t already renovated by the previous ownership including the installation of vinyl plank flooring, stainless steel appliances, fixtures, and washer/dryers. At Elevate, Gelt will modernize the existing leasing office, clubhouse, and playground.  At Ascend, the gym will be updated, and a dog park, sports court, and a gazebo/lounge BBQ area will be added.

The seller of the portfolio was FPA Multifamily, a private equity real estate firm focused on the acquisition, renovation and management of both core plus and workforce housing apartment communities.  David Martin of Moran & Company brokered the transaction on behalf of both the buyer and the seller. The price per unit was just under $184,500.

Gelt Inc. is a regional real estate investment and asset management company that seeks to buy properties in strategic markets in the Western U.S. Since the company’s inception in 2008, Gelt has bought more than 6,700 apartment homes valued in excess of $1 billion.

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BOYNTON BEACH, FL – TruAmerica Multifamily has made its third significant investment in Florida in the past 30 days with a $49 million acquisition of Ashley Lake Park, a 300-unit apartment community in Boynton Beach.

Ashley Lake Park features a mix of one-, two- and three-bedroom apartment homes built around a small lake on a low-density 13.2-acre site.   Amenities include a clubhouse with fitness center and internet café, two resort-style swimming pools, dog park and picnic areas.  Only a small percentage of the units have been renovated since the project was built in 1988, making a tremendous value-add opportunity for TruAmerica, according to TruAmerica Director Matthew Ferrari who leads the East Coast acquisition team for the Los Angeles-based investment firm. 

“Ashley Lake Park represented an opportunity to buy a very functional and well-maintained property with unrealized potential in a market with strong apartment fundamentals,” said Ferrari.   “Our plot is to completely renovate all unit interiors with upgraded appliances and finishes and make modest improvements to the pool, clubhouse and fitness center.  When completed, Ashley Park will be a first-to-rent property in a market where job growth is outpacing the inventory of new rental housing.”

In 2016, there were approximately 5.2 new jobs for every unit delivered in Palm Beach County, according to MPF Research.

The property benefits from its prime Boynton Beach location, which is midway between the major employment centers of West Palm Beach and Boca Raton, where employment growth over the last four years is nearly double the national average.

Mitch Clarfield of Berkeley Point Capital arranged the project financing through Freddie Mac’s “Green Rewards” program which provides guidelines on property specific initiatives to achieve energy and water savings.

TruAmerica made its first two investments in Florida earlier this month when it teamed with Investcorp to buy a 708-unit, two-property apartment portfolio in Orlando, FL for $98 million.

“It has taken us a while to get here, but we are plotting to be active investors in Florida and the Southeast and have several other deals in the pipeline,” said Ferrari.

The property was marketed for sale on behalf of the seller, a joint venture of Robbins Electra and LEM Capital by the ARA Newmark team of Vice Chairmen Richard Donnellan and Marc de Baptiste along with Executive Managing Directors Hampton Beebe and Avery Klann out of the Boca Raton office.

TruAmerica Multifamily is a vertically integrated, value-add multifamily investment firm based in Los Angeles. Founded in July 2013 as a joint venture between Robert Hart and The Guardian Life Insurance Company of America, TruAmerica has been one of the country’s most active multifamily investors and manages a $6.7 billion portfolio of approximately 32,000 units across prime locations throughout Northern and Southern California, Washington, Oregon, Colorado, Arizona, Nevada, Utah, Maryland and Florida.

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IRVINE, CA – International award-winning firm KTGY Architecture + Plotting announced that KTGY’s designs and plotting were recognized at the 2017 Gold Nugget Awards ceremony for the firm’s work on nine different residential developments. The awards honor the firm’s wide range of capabilities, excellence and innovation in addressing complex design/build issues in attached, detached, sustainable communities, mixed-use, transit-oriented developments and senior housing.

KTGY earned top honors in the prestigious Gold Nugget Awards design and plotting competition for site plotting and architecture for attached, detached and an innovative net-zero energy concept home that was on show at 2016 Greenbuild Conference in Los Angeles. KTGY’s awards totaled three Grand Gold Nugget Awards and eight Merit honors in the annual Gold Nugget competition.

Cleo at Playa Vista in Playa Vista, Calif., developed and built by Brookfield Residential and designed by KTGY Architecture + Plotting, won a Gold Nugget Grand Award in the category of Best Multifamily Housing Community – 18-30 du/acre.

Regency at Summerlin in Las Vegas, Nev., developed and built by Toll Brothers, Inc. and designed by KTGY Architecture + Plotting, received a Gold Nugget Grand Award in the category of Best Age Qualified Senior Living Community – For Sale/Rent. Also, Regency at Summerlin’s Wakefield Plot earned a Gold Nugget Merit Award in the category of Best Single Family Detached Home — 2,000 to 2499 sq. ft.

Wallis Ranch in Dublin, Calif., developed by Trumark Communities, won a Gold Nugget Grand Award in the category of Best Residential Housing Community of the Year – Masterplan. Wallis Ranch also earned a Gold Nugget Merit Award in the category of Best Residential Housing Community of the Year – Best Community Site Plot. Builders include D.R. Horton, Emerald Homes, KB Home, Pulte Homes, Taylor Morrison, Trumark Homes and Warmington Residential. Architects include Dahlin Group and KTGY Architecture + Plotting.

777 Hamilton in Menlo Park, Calif., developed by Greenheart Land Company and designed by KTGY Architecture + Plotting, received a Gold Nugget Merit Award in the category of Best Multifamily Housing Community – 18-30 du/acre. The builder is W.L. Butler Construction, Inc.

Fourth Street East in Oakland, Calif., developed by Carmel Partners and designed by KTGY Architecture + Plotting, won a Gold Nugget Merit Award in the category of Best On the Boards Multifamily Community. The builder is CP Construction West, Inc.

The Crossings Helped Living and Memory Care facility in Las Vegas, Nev., developed by The CALIDA Group and designed by KTGY Architecture + Plotting, won a Gold Nugget Merit Award in the category of Best Senior Housing Community – On the Boards.

777 Middlefield in Mountain View, Calif., developed by Fortbay LLC and designed by KTGY Architecture + Plotting, won a Gold Nugget Merit Award in the category of Best On the Boards Site Plot.

Heritage Square Senior Apartments in Pasadena, Calif., developed by BRIDGE Housing Corporation, received a Gold Nugget Merit Award in the category of Best Affordable Housing Community — 30 to 60 du/acre. The builder is Dreyfuss Construction. Steinberg Architects is the design architect. KTGY Architecture + Plotting is the Executive Architect.

KB Home ProjeKt Concept Home in Los Angeles, Calif., developed and built by KB Home and designed by KTGY Architecture + Plotting, won a Gold Nugget Merit Award in the category of Best Zero Net Energy Home Design.

The oldest and largest program of its kind—now in its 54th year—the Gold Nugget Awards program recognizes those who improve our communities through exceptional concepts in design, plotting and development. The competition is open to builders, developers, architects and land planners with projects in the United States and all international countries.

Celebrating 25 years, KTGY Architecture + Plotting is an international award-winning full-service architecture and plotting firm delivering innovation, artistry and attention to detail across multiple offices and studios, ensuring that clients and communities get the best the firm has to offer no matter the building type or location. KTGY’s architects and planners combine huge picture opportunities, leading-edge sustainable practices and impeccable design standards to help make developments of enduring value. 

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