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.