Gelt Venture Partners, LLC (GVP) is pleased to announce it has acquired Allure Apartments for $68.25 million. The 252-unit apartment property is located at 1300 S. Willow Street in Denver, Colorado.
“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.”
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.”
Allure Apartments is located nine miles southeast of downtown Denver, four miles east of the Cherry Creek submarket, and eight miles north of the Denver Tech Center. The asset is proximate to employment hubs along with retail destinations and is also located in the highly coveted Cherry Creek School District, which is one of the top school districts in Colorado.
“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.”
The seller was Sares Regis Group. Jordan Robbins of JLL represented both sides of the transaction.
