LA investor snatches Thornton apartment complex for $61M

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.

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“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.”

Christopher Wood

Christopher Wood is editor and publisher of BizWest, a regional business journal covering Boulder, Broomfield, Larimer and Weld counties. Wood co-founded the Northern Colorado Business Report in 1995 and served as publisher of the Boulder County Business Report until the two publications were merged to form BizWest in 2014. From 1990 to 1995, Wood served as reporter and managing editor of the Denver Business Journal. He is a Marine Corps veteran and a graduate of the University of Colorado Boulder. He has won numerous awards from the Colorado Press Association, Society of Professional Journalists and the Alliance of Area Business Publishers.