COLORADO SPRINGS, CO—The Praedium Group, a New York City-based national real estate investment firm, has acquired Bella Springs Apartments here for $48.5 million.
Praedium purchased the 364-unit, high-quality, garden style complex through its newest investment vehicle. The property, located at 1050 Milano Point, was acquired from Griffis/Blessing, Inc.
“This is an exciting opportunity for Praedium, as we were able to purchase the asset at an attractive price, after another buyer failed to close,” said David Dowell, director of The Praedium Group. “Colorado Springs is a market Praedium is familiar with, having invested in the area several times over the past fifteen years. We believe that the asset will benefit from the favorable supply and demand dynamics in the market. According to Axiometrics, the area is expected to see above national average rental growth over the next five years.”
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
