COLORADO SPRINGS, CO—The Praedium Group, a New York City-based national real estate investment firm, has acquired Bella Springs Apartments here for $48.5 million.
Praedium purchased the 364-unit, high-quality, garden style complex through its newest investment vehicle. The property, located at 1050 Milano Point, was acquired from Griffis/Blessing, Inc.
“This is an exciting opportunity for Praedium, as we were able to purchase the asset at an attractive price, after another buyer failed to close,” said David Dowell, director of The Praedium Group. “Colorado Springs is a market Praedium is familiar with, having invested in the area several times over the past fifteen years. We believe that the asset will benefit from the favorable supply and demand dynamics in the market. According to Axiometrics, the area is expected to see above national average rental growth over the next five years.”
Built in 2001, Bella Springs Apartments is a class A community with a compelling list of amenities. There is a diverse unit mix with direct access, oversized garages in select units.
The two- and three-story garden apartment complex is located in the affluent Northgate neighborhood of northern Colorado Springs, approximately 45 minutes from the Denver Technology Center. It is conveniently located near a number of key thoroughfares, which provide access to the major employers in Downtown Colorado Springs, Castle Rock and Denver.
The Praedium Group, formed in 1991, is a privately-held real estate investment firm focusing on under-performing and under-valued assets throughout the United States.