Press Release

CBRE Completes $71 Million Sale of Bella Springs Apartments in Colorado Springs

16 Jan 2018

Off-Market Transaction Points to Strong Investor Appetite for Colorado Springs Multifamily Properties 

CBRE announced today that it recently facilitated the $71 million sale of the Bella Springs apartment community located at 1050 Milano Point in north Colorado Springs, Colorado. Dan Woodward, David Potarf, Matt Barnett and Jake Young with CBRE Capital Markets, Colorado Multifamily Investment Properties, represented the seller, Praedium Group of New York. The buyer, Hamilton Zanze of San Francisco, purchased the property in a transaction that closed Dec. 28, 2017. 
 
“Bella Springs combines a quality location with strong surrounding demographics and healthy historical fundamentals. The property has been well maintained by high-quality owners for more than a decade, while the ability to add value through unit upgrades is readily rel="noopener noreferrer" available,” said Mr. Young, Vice President, CBRE Capital Markets, Colorado Multifamily Investment Properties.  
 
Built in 2001, Bella Springs is a garden style apartment community of 364 units. Offering a mix of one-, two- and three-bedroom floor plans, the average apartment size is 855 square feet. On-site amenities include covered parking, two swimming pools, a fitness center and clubhouse/coffee lounge. 
 
Bella Springs is located in the North Gate neighborhood of Colorado Springs, down the street from Polaris Pointe, one of the area’s newest mixed-use developments with more than 50 shopping, dining and entertainment retailers. The property is located within Academy School District 20 with the U.S. Air Force Academy located nearby. 
 
“We have been fortunate to work on many multifamily property transactions in Colorado Springs over the past year, and with the Bella Springs sale we continue to see incredible rel="noopener noreferrer" investor appetite in this market,” said Mr. Barnett, Senior Vice President, CBRE Capital Markets, Colorado Multifamily Investment Properties. 
 
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.