Los Angeles, Calif., February 2, 2021 – Gelt, Inc., is pleased to announce it has acquired Regatta Apartments, a 93 percent-leased, 352-unit multifamily community located at 10500 Irma Drive in Northglenn, CO, for $100.5 million. This substantial buy marks the Los Angeles-based private investment firm’s first acquisition of 2021 and adds to its growing portfolio in the Denver region which now totals more than 2,600 units in seven apartment communities.
Built in 2001, the garden-style gated community is situated on 22.79 acres and includes 22 two-story residential buildings and one clubhouse building. The asset features a mix of one, two and three-bedroom units averaging 919 square feet. All of the units were recently renovated by the seller to include vinyl plank flooring, stainless steel appliances, quartz countertops, and white shaker cabinets, among other upgrades. The spacious units also feature walk-in closets, nine-foot ceilings, patio or balcony, and extra storage. On-site amenities include a resort-style swimming pool, open air year-round hot tub, sports court, media center and theater, fitness center, business center, splash park, dog wash and dog exercise park, and barbecue area with fire pit.
“Regatta provided all the features and amenities residents are demanding in this market,” said Keith Wasserman, Partner with Gelt. “Additionally, despite a slight uptick in apartment vacancy due to the pandemic, we remain bullish on the Denver region and anticipate it to outpace other U.S. metros for job and population growth over the coming months.”
“With this latest acquisition in the Denver metro area, Regatta allows us grow our national footprint as well as expand our local Denver portfolio, which will create more economies of scale and efficiencies in management for us within our portfolio in this market,” added Jeff Harris, Partner with Gelt.
Regatta is well-located within the Denver metro area and is less than two miles from two light rail stations and the new N-Line (Thornton Crossroads/124th and Northglenn/112th Avenue Station). Via Interstate 25, the property is less than 20 minutes from downtown Denver. Additionally, U.S. 36 provides easy access to Broomfield and Boulder (a 15 to 25-minute drive) and Denver International Airport (about a 30-minute drive via the E-470).
Situated along the I-25 Corridor in Northglenn, Regatta is located within the Thornton (THR) submarket and is surrounded by a number of in-progress and recently completed large development projects. Over the past few years, significant projects have opened their doors including a 2.4 million-sf Amazon Distribution facility, the 350,000-sf Denver Premium Outlets, and the second Colorado location of Topgolf. Regatta’s location provides access to large nearby employers and major employment hubs in Boulder, Broomfield, and downtown Denver. Gelt is seeking to acquire an additional $200 million in apartment assets in 2021 with a focus on properties in Denver and Salt Lake City metros. The firm also plans on entering the Dallas market with the intent to acquire several communities there over the next few years.
Dan Woodward, David Potarf, and Matt Barnett of CBRE represented the seller, Sares Regis Multifamily Funds, as well as Gelt in the transaction.
About Gelt, Inc. Gelt Inc. is a regional real estate investment and asset management company that seeks to acquire properties in strategic markets in the Western U.S. Since the company's inception in 2008, Gelt has acquired 14,846 apartment units, RV and mobile home sites, self-storage units, and apartment units in development, valued in excess of $2 billion. The firm’s philosophy is to be a prudent steward of investment capital, to invest wisely and confidently in emerging, constrained markets. Gelt seeks appropriate risk adjusted returns while achieving income from current cash flow and appreciation through superior performance of its assets.
Gelt consists of a team of real estate professionals that possess a wealth of knowledge and expertise in law, real estate, finance, property and asset management, and construction.
Gelt’s affiliated companies include Domuso and Gelt Venture Capital. Domuso is driving digital transformation for rent payments in the multifamily industry with a digital payment and communication platform to manage the entire resident lifecycle, from move-in to move-out. Domuso is the only payment provider capable of capturing 100 percent of a property’s receivables electronically while giving residents the flexibility to choose from multiple payment methods from any mobile device. Domuso removes paper payments from the leasing office by replacing money orders with the industry’s only Online Certified payment method. Other Domuso innovations include a point-of-sale Installment Loan option, secure off-site cash payments in partnership with MoneyGram and the ability for residents to pay with a photo of their check using Mobile Check Pay. Three of the top 10 NMHC property management firms use Domuso because it improves financial performance, reduces business risk and streamlines operations. Domuso is privately held and headquartered in the heart of Silicon Beach in Santa Monica, California. For more information, visit domuso.com. Gelt Venture Capital is an early stage venture capital firm that invests globally across all sectors (except biotech, blockchain, and cannabis). Initial investment sizes range from $25k to $250k. The firm is not afraid to be a founder’s first investor, and welcomes opportunities to come in late. It also provides early liquidity to investors, founders, and employees in the secondary market. Gelt Venture Capital looks for:
• Exceptional products with differentiated distribution channels, and incumbents that are un-incentivized to react • Unique, capital efficient business models with clear revenue prospects and hints of large markets • Early evidence of sustainable competitive advantages • Ethical business practices, sound governance, and teams who take a stand for what’s right
In 2017, Keith Wasserman and Damian Langere, co-founders of the Gelt companies, established the Resident Relief Foundation, a 501(c)(3) public nonprofit whose mission is to provide temporary rental assistance grants to responsible renters going through an unexpected financial crisis that was outside the residents’ control. Examples include medical emergencies, natural disasters, job gaps, auto accidents, and government subsidy discrepancies. These residents prove they can recover with a little help, have paid rent on time and are otherwise good residents wishing to stay in their apartments. They must complete an online financial education program as a condition of the grant. The grant is paid directly to the property on their behalf. RRF has helped a significant number of individuals and families recover and avoid homelessness.
The firm strives to stay on top of industry trends and is always on the lookout for new technologies that simplify life for its leasing agents and help its properties run smoothly.