DENVER, CO – Gelt Inc., a Los Angeles-based real estate investment and asset management firm, announced it has bought Cedar Run Apartments for $62 million. The 384-unit apartment community is situated on 14 acres at 888 South Oneida Street in Denver.

Built in 1970 and partially renovated between 2012 and 2017, the property includes nine residential buildings with 240 one-bedroom units and 144 two-bedroom units with an average size of 846 square feet. It also features one 27,000-square-foot clubhouse building with two racquetball courts, indoor pool, fitness center and conference room spaces. Other on-site amenities include two outdoor pools, three courtyards with picnic and BBQ areas, playground, a sand volleyball court and covered parking.

“Cedar Run was an investment opportunity we quickly identified as one we wanted to add to our growing apartment portfolio as it checked all the boxes of our investment criteria.  Namely, this is a well-located, infill workforce housing asset in Denver with value-add upside via interior renovation and amenity addition,” said Keith Wasserman, partner with Gelt.

Jeff Harris, COO with Gelt added, “Gelt plans to improve the asset through a strategic renovation program to meet the growing demands of renters. This plot will include renovating unit interiors by installing vinyl plank flooring throughout, adding new cabinet faces, hardware, lighting fixtures, as well as resurfacing the countertops.  Common area improvements in our enhancement strategy include renovating the leasing office, business center, and gym, and adding a dog park, package locker room, and upgraded BBQ area.”

Josh Satin, Gelt’s director of acquisitions noted, “With the buy of Cedar Run, Gelt now owns 1,900 units in Denver. Our goal is to add another 2,000 units to our portfolio here over the next two years. The metro Denver area is projected to continue to grow in population and jobs over the coming years, making this region a solid, long-term investment for apartment assets.”

Cedar Run is in the center of a number of major employment hubs including: The DTC Business Corridor (175,000 employees) Downtown Denver, (133,500 jobs) the Fitzsimons Life Science District, (45,000 employees) and Cherry Creek (20,000 employees). It is also just two miles from the 500,000-square-foot Gardens on Havana Shopping Center which includes Target, Sprouts Farmers Market, Starbucks, and Kohl’s among others.

Newmark Knight Frank Vice Chairmen Terrance Hunt and Shane Ozment represented the seller, Maxx Properties in the transaction. Newmark Knight Frank Executive Managing Director Mitch Clarfield and Director Ryan Greer provided the 10-year, full-term interest-only debt at 70 percent LTV and a 4.2 percent rate through Freddie Mac’s Green-Up program.

“Over the course of their ownership, Maxx Properties place significant effort into capital improvements and keeping the building systems in fantastic condition,” stated Hunt, “The property’s location and style, with underutilized clubhouse space, provide Gelt the opportunity to take the asset to the next level with their scheduled improvements.”

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LARGO, FL – National residential real estate investment and management company Balfour Beatty Communities, recently completed the acquisition of Waterchase Apartments in partnership with ApexOne Investment Partners. The 278-unit apartment community located in Largo, FL boosts Balfour Beatty’s Florida portfolio to more than 3,500 residential units state-wide.

Constructed in the 1980s, Waterchase is situated on 18 acres and offers studio, 1- and 2-bedroom apartment homes and a variety of amenities including three pools, a dog park, fitness center and newly renovated clubhouse. The community’s ideal Largo location offers close proximity to the area’s award-winning beaches, as well as the area’s prominent employers including the St. Pete-Clearwater International Airport, Bank of America and Largo Medical Center.

“Waterchase is an exciting addition to our Florida multifamily portfolio,” said Michael Price, senior vice president of residential transactions for Balfour Beatty Communities. “The Largo/Tampa area features many desirable rental demographics, including a thriving job market, and this property is ideally suited to our multifamily strategy targeted at investing in renovation and improved property management to increase value.”

Balfour Beatty Communities will deliver both property management and asset management services for the property.

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CHARLOTTE, NC – LMC, a leader in apartment development and management, announced the start of preleasing at Bradham at New Bern Station, a luxury mixed-use apartment community in Charlotte’s South End neighborhood.  

Bradham, which features 432 apartment homes and 25,500 square feet of retail space, has already announced that restaurants Link & Pin and Eight & Sand and hair salon Fantastic Clips will be the first three retailers to join the community. LMC expects to announce as many as three additional restaurants and other service providers later this year.  Bradham will welcome first residents this summer. 

“This brings us one step closer to welcoming our first residents, and we are looking forward to officially joining the South End neighborhood,” said Jeff Harris, division president of the Carolinas for LMC. “We are keen to provide first-class apartment homes and new retail options along the LYNX Blue Line and Charlotte Rail Trail within one of the most dynamic neighborhoods in Charlotte.”

Located at 145 New Bern Street, the midrise community is situated at the site that served the first Pepsi-Cola bottling franchise in the nation. Pepsi creator and longtime New Bern North Carolina resident Caleb Bradham served as the inspiration for the community name. The neighborhood has experienced a pronounced increase of local and national retailers in recent years, in addition to a healthy level of high-end commercial office and residential construction. 

Bradham residents will experience superior access to the Lynx Blue Line and Charlotte Rail Trail. A trail-adjacent transit lounge will feature a televised train schedule and gaming consoles. Additionally, a transit courtyard will offer outdoor amenities including an outdoor lounge, game areas and grilling stations while enjoying the ambiance of the nearby Rail Trail.

Bradham features studio, 1- and 2-bedroom apartment homes with townhome floor plans available. Apartment interiors offer two distinct color schemes and are finished with quartz countertops, stainless-steel appliances, hardwood-inspired flooring, ceramic tile backsplashes, under-cabinet lighting, spacious walk-in closets, front-loading washers and dryers and keyless entry. 

Common-area amenities at this smoke-free community include a saltwater pool with cabanas, fitness workshop with yoga room, club and game room, private work pods, dog park and spa, outdoor kitchen and digital package lockers.

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