(To read more on the multifamily market, click here.)
AURORA, CO-The 600-unit Mountain View apartment complex here has changed hands for $30.65 million, or $51,038 per unit. Currently 85% leased, the complex has 47 two- and three-story buildings, a swimming pool, clubhouse and leasing office.
United Dominion Realty Trust sold the 52-acre development to a joint venture of Praedium Group of New York and Hamilton Zanze & Co. of San Francisco. David Potarf and Dan Woodward of Marcus & Millichap in Denver represented United Dominion.
Praedium Group principal Chris Hughes believes Denver apartment fundamentals are poised for a strong recovery. "Specifically, Aurora has recently seen the beginning stages of the redevelopment of four of its former military and airport facilities," he says.
Hamilton Zanze acquisitions manager Kurt Houtkooper says a "substantial capital improvement campaign" is planned to improve the physical condition of Mountain View Apartments and augment its existing amenities.
Mountain View is the fifth Colorado property Praedium has acquired with Hamilton Zanze. The other properties include Ironwood at the Ranch, a 226-unit property located in Westminster; the Trails, a 351-unit property located in Aurora; Sunset Ridge, a 240-unit property located in Northeast Colorado Springs; and the Retreat at Cheyenne Mountain, a 276-unit property located in the Broadmoor district of Colorado Springs.
Hamilton Zanze is an apartment investor that manages 35 apartment properties in the Bay Area, Las Vegas, Colorado Springs, Denver, Ft. Collins, Albuquerque, Portland, Phoenix, Salt Lake City, Spokane County and Seattle.
The Praedium Group is a real estate investor focusing on under-performing and under-valued assets throughout North America. Praedium is investing its most recent $700-million real estate private equity fund, Praedium Fund VI. The fund invests in mid-cap assets throughout the US and Canada in the $10-million to $70-million range, targeting multifamily, office, retail and industrial property types. Cadim, a Montreal-based real estate advisor and portfolio manager, is a major shareholder of the Praedium Group. Cadim is a division of pension fund manager Caisse de depot et placement du Quebec.
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