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COLORADO SPRINGS, CO—The Praedium Group has purchased Bella Springs, a 364-unit, class-A multifamily community at 1050 Milano Point here, from a joint venture between Griffis/Blessing Inc. and Consolidated Investment Group for $48.5 million. The purchase was free and clear of existing debt. HFF‘s investment-sales team, led by director Jordan Robbins and real estate analyst Jared Buffington, marketed the property on behalf of the seller. Meanwhile, HFF’s debt-placement team, led by director Josh Simon, senior managing director Eric Tupler and real estate analyst Kristian Lichtenfels, secured a $31.5-million, five-year loan on behalf of the buyer at just under 3.1% interest through a correspondent life-insurance company. The property, completed in 2001, is 95% occupied and includes a diverse mix of floor plans, including a number of townhome-style units with direct-access garages. Community amenities include a heated resort-style swimming pool and spa, fully equipped fitness center, BBQ area, clubhouse, theater room and business center.


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