Gelt enters Denver market

In April 2014, California-based TruAmerica made its first apartment community acquisition in Denver by paying $55 million for the 564-unit Tamarac apartment community.

Recently, TruAmerica sold the community on a 25.16-acre site at 3300 S. Tamarac Drive to another California company, Gelt Inc., for $74 million.

It also was Gelt’s first purchase in Denver.

The sale price represented a 34.5 percent increase in the price that TruAmerica paid less than two years ago.

Read the rest of this article in the Dec.16-Jan.2 CREJ.

John Rebchook has been taking the pulse of the Denver-area and Colorado commercial real estate world for almost 35 years. He joined the editorial staff of CREJ in 2011. Prior to that, he was the Real Estate Editor of the Rocky Mountain News from 1983 until it closed in 2009.