THORNTON — Gelt Inc., a Los Angeles real estate investment firm, recently completed the purchase of Timber Lodge apartments in Thornton.
The 390-unit community built in 1972 was sold by Denver-based BMC Investments Inc. for $61 million, or just over $156,000 per unit.
Newmark Knight Frank vice chairmen Terrance Hunt and Shane Ozment provided strategic services to BMC.
“With the market unable to add new units that can charge rental rates at an affordable price point, older properties like Timber Lodge fill the affordable void,” Hunt said in a prepared statement. “This has created strong rental demand and high occupancy for an asset of this vintage. These strong fundamentals combined with very attractive available debt has led to tremendous buyer demand.”