The co-founder of a San Francisco-based real estate investment firm that recently sold an apartment complex in Albuquerque said the city has become a strong seller’s market.
Hamilton Zanze sold Ventana Canyon Apartments in northwest Albuquerque for $32,581,658 to Seattle-based Thayer Manca Residential in November.
Hamilton Zanze Co-Founder Mark Hamilton said the firm held onto the property nearly five years longer than it had anticipated due to a dip in the Albuquerque real estate market. He said that was a result of the federal government sequestration in 2013, which lowered occupancy and population rates.
“So we went into bunker mode,” Hamilton said. “We made considerable progress, back to where we could sell it. Our hold on the property was closer to 12 years; a lot of that was because of conditions no one was expecting but still, we saw good results.” The year Hamilton Zanze bought the property, 2006, the national real estate market was going through an “extremely challenging” time, as Hamilton put it, but the Albuquerque market held up surprisingly well.
Hamilton Zanze still owns two apartment complexes in the area, one in Rio Rancho and the other off Tramway Boulevard. The firm sold The Pearl at Spring Creek on Gibson Boulevard in late 2018 for an undisclosed price. Hamilton Zanze has owned eight properties in Albuquerque.
Read the full story at Albuquerque Business First.