By Jeff Hamann
Hamilton Zanze has purchased a 311,114-square-foot, 364-unit apartment community in Colorado Springs, Colo. The property was 98.6 percent occupied in December 2017, according to Yardi Matrix. The seller, the Praedium Group, acquired the property in 2014 for $48.5 million.
Located at 1050 Milano Point in the city’s Northgate submarket, the community’s position enables easy access to Interstate 25. Built in 2001 by Carbon Development, the property sits 15 miles north of downtown Colorado Springs, with the U.S. Air Force Academy six miles to the west.
A range of amenities
The property’s 364 units are spread across 21 three-story buildings. One-, two- and three-bedroom apartments are available, ranging in size from 633 to 1,348 square feet. Units include washers, dryers, private terraces, and ENERGY STAR appliances. The previous owner updated 282 of the property’s units, and Hamilton Zanze plans to renovate the remaining units. Community amenities include a clubhouse, two swimming pools with a hot tub, picnic areas with an outdoor fire pit, a fitness center and a coffee lounge. The owner plans to add a dog park to the property in the future. Garages and carports are available on-site. The property is being managed by Mission Rock Residential, an affiliate of Hamilton Zanze.
“Bella Springs presented a true value-add opportunity located in a favorable submarket,” said David Nelson, managing director of acquisitions for Hamilton Zanze, in prepared remarks. “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.”
Over the past year, Hamilton Zanze has acquired a number of multifamily properties across the country, including a 256-unit apartment community in Salt Lake City.
Images courtesy of Yardi Matrix