COLORADO SPRINGS, CO - San Francisco-based real estate firm Hamilton Zanze (HZ) has acquired the 200-unit Enchanted Springs apartment community in Colorado Springs, CO. HZ purchased the property on August 18, 2021 from a development firm who was represented by Bill Morkes and Craig Stack with Colliers International.
The community, built in 2020, is located in a steady submarket of the Colorado Springs metro area, with median home value and median household income above national averages. Anchored by a strong defense industry, the metro is home to the U.S. Air Force Academy.
"Enchanted Springs provided an exciting opportunity to buy a brand-new asset in Colorado Springs," said David Nelson, Hamilton Zanze's chief transactions officer. "The property features an extensive amenity package, prime location near regional employers, and offers residents the quality of life provided by the city's proximity to outdoor recreation. We look forward to our continued growth in the Colorado Springs market."
The Class A community is located at 3281 Divine Heights in the Eastern Colorado Springs submarket, approximately eight miles northeast of Downtown Colorado Springs. The 200 units average 979 square feet with nine different floor plans. Community amenities include an indoor fitness center, clubhouse, resort-style pool and spa, and business center. Enchanted Springs was 97% occupied at the time of purchase.
HZ's capital improvements will focus on continuing the interior unit renovation plan originally implemented by the seller. Management of the property has also been transitioned to HZ affiliate Mission Rock Residential, a Denver-based company.
Source: Hamilton Zanze