GRS | Corteq recently provided assessment services on a $107 million acquisition that included two multifamily properties: Ascend at Red Rocks and Elevate at Red Rocks. The apartment home properties are located adjacent to each other in the thriving suburban market of Lakewood, CO. Approximately 8 miles west of downtown Denver, Ascend and Elevate are just minutes from the Union Blvd/Federal Center area, which is the largest employment center in Lakewood.
The buyer, Gelt, Inc.—a Los Angeles-based real estate investment and asset management firm—paid nearly $184,500 per unit for the two-property portfolio comprising 580 apartment home units.
GRS | Corteq provided a Property Condition Report as part of the financing assessment. GRS | Corteq director, Jeff Coyne, spearheaded the assessment on behalf of the firm’s client, HFF.