Praedium, Hamilton Zanze Sell $25M Apartment

COLORADO SPRINGS, CO-The Praedium Group, a New York City-based national real estate investment firm and Hamilton Zanze & Co., a San Francisco-based real estate operating company, have sold the Preserve at Hidden Creek in Colorado Springs, CO. The 240-unit residential community was acquired by Griffis/Blessing Inc. for $25.1 million. 

The Praedium Group and Hamilton Zanze had purchased the garden-style complex out of receivership in 2007 in an off-market transaction. The partnership implemented a value-add strategy, replacing the receiver’s temporary management team with on-site managers, improving the physical condition, and enhancing overall occupancy of the multifamily property, which currently stands at 93%.