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| Bella Springs apartments, Colorado Springs, CO |
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| 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.
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| 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.
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| 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.
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| 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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