SALT LAKE CITY, UT – June 3, 2019 – San Francisco-based real estate investment firm Hamilton Zanze (HZ) is pleased to announce the sale of Seven65 Lofts to De Anza Properties, a California-based residential and commercial real estate services firm. Seven65 Lofts is located in the heart of Downtown Salt Lake City, UT and has been owned by Hamilton Zanze since 2012.
Built in 1986, Seven65 Lofts is located at 765 East 400 South. The community comprises 128 units consisting of 96 one-level studios and 32 two-level lofts with high-end features like vaulted ceilings, fireplaces, and private patios or balconies. Its 73,320 net rentable square feet was 96.9% occupied at the time of sale. The community also features desirable amenities, including a resort-style swimming pool and spa, fitness center, and clubhouse.
“Seven65 was motel converted into multifamily in a great location and represented a unique opportunity for Hamilton Zanze,” said Ashlee Cabeal, Hamilton Zanze’s senior director of transactions. “During our ownership, we executed our business plan through unit upgrades and amenity improvements. We are thrilled with the outcome and will continue seeking opportunities in the Salt Lake City market.”
During its ownership, Hamilton Zanze added value to the property through renovation projects that included significant upgrades to the units and replacement of water heaters and boilers. Individual unit renovations included new lighting and plumbing fixtures, freshly-painted front doors, two-tone painted walls, and new cabinet doors. The company also added individual backyards to units, rebuilt decks, and enhanced the pool area.
Located in Downtown Salt Lake City, Seven65 Lofts offers accessible urban living only a short drive away from the state’s largest university, as well as opportunities for outdoor recreation. The community is located in close proximity to public transportation and is within walking distance of nearby shopping and dining. Business Insider recently named Salt Lake City one of the top-50 United States cities to live in for its recreation options, and the city’s dynamic economy and growing workforce should support strong continued apartment demand and healthy occupancy rates in the years ahead.
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 $3.7 billion in multifamily assets throughout the U.S. The company currently owns and operates 84 properties (20,058 units) across 16 states. For additional information, visit www.hamiltonzanze.com.