NEW YORK—New York City-based The Praedium Group and its operating partner, San Francisco, Calif.-based Hamilton Zanze & Co., have sold Del Arte Lofts and Flats in Aurora, Colo. for $33.4 million. Wood Partners, an Atlanta, Ga.-basedfirm, was the purchaser of the property.
"There are limitedopportunities 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.”
Comprised of 17 three-story garden-style apartment buildings, Del Arte Lofts and Flats is a gated community that includes 351 units. The partnership completed a capital improvements campaign, which included the addition of a new clubhouse.