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Hamilton Zanze Buys Colo. Springs Apts. for $71 Million

California Firm Now Owns Five Properties in Colorado Springs Following Purchase of 364-Unit Bella Springs
January 16, 2018
San Francisco-based Hamilton Zanze has acquired another Colorado apartment complex, its fifth in Colorado Springs.

The company purchased Bella Springs, a 364-unit complex located at 1050 Milano Point in north Colorado Springs, for $71 million from The Praedium Group, a real estate private equity investor based out of New York City.

"Bella Springs presented a true value-add opportunity located in a favorable submarket," said David Nelson, managing director of acquisitions for Hamilton Zanze. "The asset offers a desirable mix of one-, two-, and three-bedroom units with direct access garages, which fits very well with the demographic and demands in the Colorado Springs market."

The garden-style apartment complex was built in 2001 and is located down the street from Polaris Pointe, a mixed-use development, as well as the U.S. Air Force Academy.

"Bella Springs combines a quality location with strong surrounding demographics and healthy historical fundamentals. The property has been well maintained by high-quality owners for more than a decade, while the ability to add value through unit upgrades is readily available," said Jake Young, vice president of CBRE Capital Markets, which represented The Praedium Group.

Praedium acquired the asset for $48.5 million in 2014, and completed renovations on most of the units during its tenure as the property’s owner.

At the time of sale, Bella Springs was 96 percent leased. Hamilton Zanze will complete interior renovations on the units that were not upgraded by Praedium and will improve the pool area and add a dog park.

Management of the property has been transitioned to Mission Rock Residential, a Denver-based affiliate of Hamilton Zanze.

In addition to Young, CBRE's Dan Woodward, David Potarf and Matt Barnett represented Praedium in the deal.

For more information on this property, please see CoStar Comp #4099380.
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