Virginia Beach, VA. – January 20, 2020 – San Francisco-based real estate firm Hamilton Zanze (HZ) has acquired the Indigo 19 apartment community in Virginia Beach, Virginia. The purchase closed on January 14th as the firm’s first acquisition of the year, and property management responsibilities have been transferred to the Denver-based affiliate company Mission Rock Residential.
The five-story apartment community, located at 1940 Pavilion Drive, features units averaging 931 square feet with amenities including stainless steel appliances, granite countertops, brushed nickel hardware, vinyl plank flooring, and nine-foot ceilings. Community amenities include a resort-style pool, grilling stations, a two-story clubhouse, fitness center, business center, and valet dry cleaning.
“We are excited to continue growing our East Coast portfolio with our acquisition of Indigo 19,” said David Nelson, managing director of acquisitions for Hamilton Zanze. “Indigo 19 is situated in a great location with plenty of retail and entertainment, so it provided a great opportunity to expand our presence in the Virginia Beach market.”
Built in 2013, the 196-unit property had a 95% occupancy rate at the time of purchase. HZ’s capital improvements plan includes general roof maintenance, fire and life safety improvements, HVAC maintenance, sustainability and green initiatives, exterior renovations including power washing and full exterior paint, and minor unit renovations.
With this latest acquisition, Hamilton Zanze now owns and operates four properties in the Virginia Beach-Norfolk-Newport News market, including Parkway Apartments, Woods of Williamsburg, Maple Bay Apartments, and now Indigo 19. The property is situated within walking distance of the Virginia Beach oceanfront and tourism district, which is home to the Virginia Beach boardwalk, resorts, nightclubs, restaurants, retail, and live entertainment. Atlantic Park, a $328 million mixed-use development, will feature retail, restaurants, residences, offices, a concert venue, and a surf park.
To learn more about Indigo 19, please visit www.indigo19.com.
ABOUT HAMILTON ZANZE
Hamilton Zanze (HZ) is a private, San Francisco-based real estate investment company that owns and operates apartment communities. Since its founding in 2001, Hamilton Zanze has acquired over $4.4 billion in multifamily assets primarily in the Western, Southwestern, and Eastern U.S. The company currently owns and operates 85 properties (20,334 units) across 15 states. For additional information, visit www.hamiltonzanze.com.