Allure is a 252-unit core multifamily community strategically located 9 miles southeast of Downtown Denver, 4 miles east of the exclusive Cherry Creek submarket, and 8 miles north of the Denver Tech Center. Allure is proximate to employment hubs along with retail destinations and is also located in the highly coveted Cherry Creek School District, which is a top-5 school district in Colorado. Additionally, the average household income within a 3-mile radius is $103,000 with a population that has grown on average by 1.5% over the last 13 years. These factors combined with limited future supply in the immediate area and the strength of the Denver economy provide for a strong renter profile and a well positioned asset.
Allure was built in 2002, with expansive units averaging 1,010 square feet and comprising of 1-bedroom & 2-bedroom units plus four townhouse style units. Common amenities include a 24-hour fitness, heated pool, private detached garages, parcel package lockers, business center, coffee bar, a resident clubhouse, and the property offers 517 parking spaces for a parking ratio of 2.05 spaces for every unit. Interior amenities include in-unit washer/dryers, wood style flooring, granite countertops, stainless steel appliances, updated cabinet faces &
hardware, upgraded light fixtures, plush carpets in the bedrooms, patio/balcony, and 9’ vaulted ceilings.
Gelt’s business plan include replacing the roofs and increasing rents to market as the property is in good condition and do not require other capital expenditures. The seller renovated all 252 units by renovating around 15% of the units at a time to renovate as quickly as possible. As a result, the seller had to lease up quickly and were not able to capture full market rents due to their vacancy exposure.
Additionally, Gelt owns another asset, Willow Point Townhomes, that is 0.3 miles from Allure. Willow Point Townhomes consists of only large townhome style units that will compliment the unit mix at Allure which will allow our property management team to steer more prospective residents to Allure that are looking for 1- and 2-bedroom units. We believe we will also be able to gain operational efficiencies and cost savings in payroll and contract services from having both properties so close together.