Sale of Multifamily Property Sets New Record in Colorado Springs
California-based Hamilton Zanze has purchased Springs at Foothills Farm, a 264-unit garden-style multifamily community located in Colorado Springs for a record-setting $110.9 million. The sale of Springs at Foothills Farm represents the largest transaction in the history of Colorado Springs.
Senior Directors Nick Steele and John Laratta and Directors Nate Moyer and Tyler King of Berkadia Denver completed the sale on behalf of the seller, Wisconsin-based Continental Properties Company, Inc.
“This was an exciting asset to work on given the size and location,” said Steele. “It’s the largest single asset sale ever in Colorado Springs. Despite turbulent market conditions, we were able to procure more than 20 offers for the asset which speaks to the amount of interest for high-quality, well-located multifamily assets in Colorado. The fact that the transaction was consummated is a testament to the parties involved. We are grateful to have played a small part.”
Managing Director Clay Akiwenzie of Berkadia Incline Village secured $58.145 million in permanent acquisition financing on behalf of the buyer. The 10-year loan was financed through Freddie Mac.
“Closing on time on terms negotiated 90 days ago amidst such extreme capital markets volatility requires calm and seasoned hands on every edge of the transaction,” said Akiwenzie. “We had that here.”
Built in 2021 and located at 1203 Affirmed View, Springs at Foothills Farm features studio, one-, two- and three-bedroom floor plans with in-unit washers and dryers, private patios or balconies, attached and detached garage options and walk-in closets. Community amenities include a swimming pool, a fitness center and an outdoor barbeque area. The property affords residents convenient access to numerous shops and restaurants near Interquest Parkway and proximity to some of Colorado Springs’ largest employers including Ent Credit Union, Lockheed Martin, United Health Group, Progressive Insurance Company, Oracle, T.Rowe Price Group and USAA.