Mission Rock Residential has signed a new management contract for a Colorado Springs, Colo., community. Owner Hamilton Zanze, issued the agreement for the Springs at Foothills Farm Apartments. The property will be given a new name under its updated management.
Hamilton Zanze purchased the asset in September of this year for $100 million, according to Yardi Matrix data. The community is currently 95.5 percent occupied.
“HZ is very excited to expand our presence in the Colorado Springs market with this acquisition,” Dave Nelson, Chief Investment Office at Hamilton Zanze, told Multi-Housing News. “By setting the record for both total purchase price, and the price per door in the Colorado Springs MSA, we are making a very clear statement about our belief in the market. The brand-new property is poised for excellent performance given its proximity to extensive high quality retail, along with direct access to I-25 and the greater Denver area.”
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Situated at 1203 Affirmed View, off Interstate 25, the Springs at Foothills Farm Apartments is located one hour south of Denver and a 15-minute drive from downtown Colorado Springs. Retail and dining options are within walking and biking distance from the property.
Built in 2019, the Springs at Foothill farms is composed of 264 units with one-, two- and three-bedroom homes. In total, there are 12 two- and three-story buildings. Apartments have washers and dryers and walk-in closets. Community amenities include a pool, fitness center and club house.
A large military presence resides in Colorado Springs, including an army base, an air force base, the Airforce Academy, Lockheed Martin and the North American Air Defense Command. According to The Kiowa Country Press, around 17 percent of the adult population in the area has a background in military service.
Hamilton Zanze has seven properties in its Colorado Springs portfolio. It has had an active year nationwide, selling a Las Vegas community after a series of renovations for $86.8 million. The firm also acquired a 255-unit property in the Baltimore area.