San Francisco, CA – (September 18, 2014)

GID announced today the acquisition of Element 47, a luxury apartment community located in the Jefferson Park neighborhood of Denver, Colorado. The project recently completed construction and has been under contract for purchase since October of 2013. The property was built and sold by A.G. Spanos Companies of Stockton, California.

The community consists of four podium-style four-story buildings containing 265 apartments and roughly 4,000 square feet of retail space. The property features an impressive amenity package with a large clubhouse, resort-style swimming pool, large fitness center, and an indoor/outdoor rooftop entertainment space with spectacular views of the Denver skyline. The residences feature nine and ten-foot ceilings throughout with granite countertops, glass tile backsplashes and stainless steel appliances in the kitchen.

The 6.4 acre development site is located in the Jefferson Park neighborhood of Denver, close to the central business district and adjacent to Jefferson Park. The property is three blocks from Mile High Stadium, and a short walk or bike ride into The Highlands and Union Station.

Matt Stuart, Vice President and Director of Western Region Acquisitions at GID commented, “GID is pleased to have acquired this unique property through a pre-sale contract from a developer as experienced as A.G. Spanos Companies. The desirable Jefferson Park location combined with low density construction and superior amenity package will help this asset to outperform the Denver market as a whole.”