Hamilton Zanze Pays $65M for Colorado Springs Apartments

The deal set a record for multifamily deals in the city.
Enchanted Springs. Image courtesy of Hamilton Zanze

Hamilton Zanze has purchased Enchanted Springs, a 200-unit community in Colorado Springs, Colo., from ESH Development for $65 million. Colliers International represented the seller in the deal, indicating the $325,000-per-unit price tag set a record for the city. 

Senior Vice Presidents Bill Morkes and Craig Stack and Associate Broker Keegan Hofer were part of the Colliers team involved in the deal.

The new owner will make capital improvements to the 2020-built property, following plans initially drafted by the developer. The community, which was 97 percent leased at the time of the sale, will be managed by Mission Rock Residential, a Hamilton Zanze affiliate.

Enchanted Springs encompasses 10 three-story buildings on 9.4 acres at 3281 Divine Heights. The community has a mix of one-, two- and three-bedroom units averaging 979 square feet. Residents have access to a gym, a business center, a clubhouse and a spa, as well as some 300 parking spaces.

Some 8 miles northeast of downtown Colorado Springs, the community is across the street from the major retail corridor along North Powers Boulevard. The Air Force Academy is 14 miles northwest of the property.

Hamilton Zanze has made a number of major acquisitions this year. Earlier in August, the firm paid $39.3 million for a 204-unit suburban Atlanta community. And at the start of the year, the investor paid $49.5 million for 175 units in Portland, Ore.