Spring Canyon Apartments Changes Hands

COLORADO SPRINGS, CO—Hamilton Zanze, a San Francisco-based real estate investment company, recently sold 292-unit Spring Canyon Apartments in Colorado Springs, for $40.5 million ($138,699/unit). ARA Colorado brokered the deal.

Hamilton Zanze, which primarily invests in multifamily communities in the Southwest, Pacific Northwest, and Mountain states, purchased Spring Canyon in November 2004 for just over $28 million. During its ownership,the firm established new onsite management through Mission Rock Residential and executed a value-add program that included unit renovations and enhancements to the clubhouse and fitness center. The upgrades allowed the operator to secure significant rent premiums and achieve all-time high monthly revenues at the time of the sale.