Bella Springs Apartments sold for $48.5 million

Bella Springs PhotoThe Praedium Group, a New York City-based national real estate investment firm, acquired Bella Springs Apartments in Colorado Springs for $48.5 million, it announced Wednesday.

Praedium purchased the 364-unit, high-quality, garden-style complex through its newest investment vehicle. The multifamily 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 15 years. We believe 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. Homes in the community feature nine-foot high ceilings; crown molding; air conditioning; private balconies/patios; walk-in closets; and with most featuring washer/dryers. Residents also enjoy amenities including a clubhouse, two heated swimming pools, an indoor and outdoor spa, fitness center, theater room, business center, kitchen and barbeque.

The two- and three-story garden apartment complex is located in the Northgate neighborhood of northern Colorado Springs. Bella Springs Apartments will benefit from the continued expansion of Powers Boulevard.

The property benefits from its close proximity to many of the area’s top employers, including the Progressive Insurance office campus, a new 200,000-square-foot FedEx facility and Compassion International.

Formed in 1991, the Praedium Group is a privately-held real estate investment firm focusing on under-performing and under-valued assets throughout the United States. The Praedium Group has completed more than 350 transactions representing $9.3 billion of capital, including 70,000 multifamily units and 43.3 million square feet of commercial space. Over the past 23 years, The Praedium Group has sponsored a series of eight private equity funds. The commingled funds by The Praedium Group have attracted investors that include public and corporate pension funds, financial institutions, insurance companies, foundations and endowments. For more information, visit www.praediumgroup.com.