Gelt Venture Partners, LLC (GVP) has acquired Allure Apartments for $68.25 million. The 252-unit apartment property is located at 1300 S. Willow Street in Denver. With this acquisition, GVP now owns and manages more than 2,500 apartment units in eight properties and 85,000 square feet of self-storage property in the Denver region.
The seller was Sares Regis Group. Jordan Robbins of JLL represented both sides of the transaction.
“With the acquisition of Allure Apartments, GVP will benefit from economies of scale in Denver as we also own Willow Point Townhomes just .3 miles away,” said Keith Wasserman, a partner with GVP. “The unit mix at Willow Point and Allure are complementary as Allure consists of all one- and two-bedroom units and Willow Point offers of all three-bedroom townhomes. We will be able to drive leasing traffic to each property depending on tenants’ needs.”
Built in 2002 and renovated in 2023, Allure Apartments is situated on just under 14 acres and includes 517 parking spaces. The asset features 12 two- and three-story buildings and offers residents expansive one- and two-bedroom units averaging 1,010 square feet. On-site amenities include a 24-hour fitness center, heated pool, private detached garages, parcel package lockers, business center, coffee bar, and a resident clubhouse. The upgraded units include washer/dryers, wood-style flooring, granite countertops, stainless steel appliances, updated cabinets, upgraded light fixtures, plush carpets in the bedrooms, a patio or balcony, and 9’ vaulted ceilings.
“This property was an ideal fit with GVP’s acquisition appetite,” said GVP Partner Josh Satin. “The recently upgraded units, strategic location, abundant and growing Denver population, and opportunity to add value to rents as they roll, all played into our long-term ownership strategy.”
“We acquired this asset at an attractive basis with long-term fixed-rate debt,” added GVP Partner, Damian Langere. “We continue to be very bullish on investment in the Denver region. It has a diverse economy and is one of the nation’s top markets for new corporate relocations and expansions due to the highly educated workforce, business-friendly environment and favorable quality of life.”
Founded during the Great Financial Crisis in 2008, Gelt Venture Partners has established a formidable reputation in the multifamily industry. With over $950 million raised and fully deployed from a diverse group of investors, the firm’s innovative syndicated capital-raising approach has resulted in a portfolio valued at more than $3 billion.