Monday, April 21, 2014

HFF closes $48.5 million sale of and secures $31.525 million financing for Class A multi-housing community in Colorado Springs


Bella Springs apartments, Colorado Springs, CO

Jordan Robbins
DENVER, CO – HFF announced today that it has closed the $48.5 million sale of and secured $31.525 million in financing for Bella Springs, a 364-unit, Class A multi-housing community in Colorado Springs, Colorado.

               HFF marketed the property on behalf of a joint venture between Griffis/Blessing, Inc. and Consolidated Investment Group.  

The Praedium Group purchased the asset for $48.5 million free and clear of existing debt.  HFF also secured a $31.525 million, five-year, 3.08 percent, interest only acquisition loan on behalf of the buyer through a correspondent life insurance company.

Bella Springs is located at 1050 Milano Point minutes from Interstate 25 in the affluent Northgate neighborhood of Colorado Springs proximate to the United State Air Force Academy and the 2.4 million-square-foot Copper Ridge mixed-use development. 

  Completed in 2001, the property is 95 percent 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.

Josh Simon
               The HFF investment sales team representing the seller was led by director Jordan Robbins and real estate analyst Jared Buffington.

               HFF’s debt placement team was led by director Josh Simon, senior managing director Eric Tupler and real estate analyst Kristian Lichtenfels.

               “In addition to its proximity to the prestigious United States Air Force Academy and the highly anticipated Copper Ridge mixed-use development, Bella Springs sits within one of Colorado Springs’ highest demographic areas.  

"Furthermore, the asset is situated within the Academy School District 20, which is widely recognized as one of the top school districts in the State of Colorado.  

"Coupled with outstanding panoramic views of the Rocky Mountains and numerous community amenities, Bella Springs presented prospective buyers with a high-quality investment opportunity with significant upside by continuing a proven value-add strategy,” commented Robbins.

Eric Tupler
               “The interest level on the financing side was extremely high with multiple fixed-rate options available from life insurance companies as well as the agencies.  

"At the end of the day, the borrower selected a life insurance company financing option that was fully customized to their business plan with significant flexibility built in up front,” added Simon.

               Griffis/Blessing, Inc. is a real estate services firm representing individual, corporate and institutional owners of real estate throughout the United States.  

The firm offers comprehensive real estate asset management services, with a primary focus on property management and investment services.  

Headquartered in Colorado Springs, Colorado, with an additional office in Denver, Griffis/Blessing has more than four million square feet of office, retail, and industrial space and more than 6,900 apartment units under management.

Kristian Lichtenfels
Consolidated Investment Group (“CIG”) is a privately held investment company focused on capital markets, commercial real estate, and philanthropic initiatives in Early Care and Education and Israel. 

The company seeks optimal returns through direct investments, creative partnership structures, asset repositioning, fund investments, and other innovative techniques. 

 CIG has been actively investing since 2003 and manages a diverse investment portfolio valued in excess of $1B.  They invest both domestically and internationally through operating partners, direct investment, and opportunistic funds.

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 was formed in 1991 and since inception 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.  

Throughout 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, please visit www.praediumgroup.com.


For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

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