Kallisto

Location: Lakewood, Colorado

Acquired: 2020

This 472-unit apartment, built in two phases (1987 and 1996), is a garden-style apartment complex comprised of one-bedroom, two-bedroom, two-bedroom townhome, and three-bedroom townhome units with an average unit size of 989 square feet. During the previous ownership's tenure, they focused on adding value through extensive common area amenity upgrades including upgrading the leasing office, clubhouse, and gym. Additionally, they cured a significant portion of the property’s deferred maintenance including select asphalt repairs, exterior paint, roof replacement, landscaping, and lighting. Between the common area upgrades and deferred maintenance, they spent approximately $4.6 million. They also started an interior renovation program whereby they completed upgrades to approximately 20% of the property with an estimated renovation premium of $150/unit/month. Given the consistency with which the property has achieved the renovation rental premiums, Gelt plans to continue with the renovation strategy by implementing it on the remainder of the property.