Praedium, Hamilton Zanze Sell $25M Apartment

By Natalie Dolce

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The JV implemented a value-add
strategy at the Preserve at Hidden Creek.

COLORADO SPRINGS, CO-The Praedium Group, a New York City-based national real estate investment firm and Hamilton Zanze & Co., a San Francisco-based real estate operating company, have sold the Preserve at Hidden Creek in Colorado Springs, CO. The 240-unit residential community was acquired by Griffis/Blessing Inc. for $25.1 million. 

The Praedium Group and Hamilton Zanze had purchased the garden-style complex out of receivership in 2007 in an off-market transaction. The partnership implemented a value-add strategy, replacing the receiver's temporary management team with on-site managers, improving the physical condition, and enhancing overall occupancy of the multifamily property, which currently stands at 93%. 

The Praedium Group and Hamilton Zanze were represented by David Potarf, Dan Woodward and Jordan Robbins of CBRE’s Denver office in the sale of the property. According to David Dowell, vice president of the Praedium Group, “This was an attractive investment for us. We continue to own nearly 1,500 units in the Denver area and given our outlook on the market we are actively seeking to grow our holdings in the Denver market.” 

HZ&Co. CIO Kurt Houtkooper says that “Together with our partner, we initiated a hands-on approach, curing deferred maintenance and completing capital improvements. We are pleased that we were able to successfully execute our business plan.”

As part of its ongoing investment strategy, Praedium continues to enhance the properties within its existing portfolio, while also actively identifying and acquiring assets throughout the country through the Praedium Fund VII LP, a $900 million real estate private equity fund with purchasing power of $3 billion.

Categories: West, Multifamily, Acquisitions/Dispositions, Denver