COLORADO SPRINGS, CO - San Francisco-based real estate firm Hamilton Zanze (HZ) has acquired the 364-unit Bella Springs Apartments apartment community in Colorado Springs.
The purchase marks the firm’s 13th acquisition in the Colorado Springs metro. With this latest acquisition, the firm now owns and operates five properties in the market, including Resort at University Park Apartment Homes, Broadmoor Ridge Apartment Homes, Mountain View Apartment Homes, The Knolls at Sweetgrass Apartment Homes, and now Bella Springs Apartments.
"Bella Springs presented a true value-add opportunity located in a favorable submarket,” said David Nelson, managing director of acquisitions for Hamilton Zanze. “The asset offers a desirable mix of one-, two-, and three-bedroom units with direct access garages, which fits very well with the demographic and demands in the Colorado Springs market.”
Built in 2002, Bella Springs had a 96% occupancy rate at the time of purchase. The community is located at 1050 Milano Point in the desirable Northgate submarket of Colorado Springs, less than six miles from the U.S. Air Force Academy. The Tuscan-styled property includes 311,114 net rentable square feet across 21 three-floor residential buildings. The units range from 633 to 1,348 square feet with 9’ ceilings. Community amenities include a state-of-the-art fitness center, coffee lounge, clubhouse, hot tub and swimming pool with mountain views, barbecue grills, and an outdoor fire pit.
HZ will execute interior renovations on the remaining 82 non-renovated two- and three-bedroom units and enhance the property’s amenity package by improving the pool area and adding a dedicated dog park.
Additionally, management of the property has also been transitioned to HZ affiliate Mission Rock Residential, a Denver-based company.