The Praedium Group and Hamilton Zanze & Co. Sell Del Arte Lofts & Flats in Aurora, Colorado for $33.4 million
June 11, 2013
NEW YORK, NY – JUNE 11, 2013
The Praedium Group, a New York City-based national real estate investment firm and its operating partner, Hamilton Zanze & Co. based in San Francisco, announced the sale of Del Arte Lofts & Flats located Aurora, Colorado for $33.4 million to Wood Partners, an Atlanta-based investment firm.
“There are limited investment opportunities for multifamily buyers interested in well-performing assets in and around the Denver area,” said David Dowell, Director at The Praedium Group. “Having executed our business plan, we determined it was the right time to sell Del Arte, and capitalize on the demand in the marketplace.”
Del Arte Lofts & Flats is comprised of 17 three-story garden-style apartment buildings totaling 351 units in a gated community. The partnership completed a capital improvements campaign, including the addition of a new clubhouse which had won the Apartment Association of Metro Denver’s Most Captivating Clubhouse award.
“As part of our investment strategy, we successfully completed a considerable exterior and select interior renovation of the property,” said Kurt Houtkooper, Principal at Hamilton Zanze & Co. “The sale of this asset is another example of our successful partnership with The Praedium Group and we look forward to partnering in the future.”
ABOUT THE PRAEDIUM GROUP
The Praedium Group is a privately-held real estate investment firm focusing on under-performing and under-valued assets throughout the United States. The Praedium Group was formed in 1991 and since inception has completed over 350 transactions representing $9.3 billion of capital, including 70,000 multifamily units and 43.3 million square feet of commercial space. Over the past 22 years, The Praedium Group has sponsored a series of seven private equity funds. The commingled funds by The Praedium Group have attracted investors that include public and corporate pension funds, financial institutions, insurance companies, foundations and endowments. For more information, please visit www.praediumgroup.com.
ABOUT HAMILTON ZANZE & CO.
Hamilton Zanze & Co. is a real estate investment company specializing in the acquisition and asset management of apartment communities. Independently, the principals of Hamilton Zanze & Co. started their careers in 1981 and built them on the evaluation, financing, oversight, and brokerage of a wide array of investment property types. In terms of making investments, however, the choice has always been multi-unit housing. Since 2001, Hamilton Zanze & Co. has specialized solely in the pursuit, acquisition, and hands-on management of apartment communities in the Pacific, Mountain, and Southwestern regions of the United States. For more information, www.hamiltonzanze.com.