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HZ News

November 5, 2018

Copper Mill Apartment Complex in Western Henrico Sells for $33 Million

Hamilton Zanze’s acquisition of Copper Mill Apartments was recently covered by the 

Copper Mill Apartments, a 192-unit complex in western Henrico County, has been sold to a California-based real estate investment firm for $33 million.

San Francisco-based Hamilton Zanze acquired the complex, which is off West Broad Street about a quarter-mile east of Pemberton Road.

“Copper Mill represented an opportunity to buy a well-located, value-add asset at a favorable cap rate,” said David Nelson, managing director of acquisitions for Hamilton Zanze.

Hamilton Zanze plans to renovate 25 percent of the units to include stone counters, backsplashes, lighting fixtures, cabinet pulls, flooring, and replacement kitchen cabinets. An additional 50 percent of the units will receive a lighter renovation with resurfaced counters and the addition of new appliances and cabinet faces. The company also will add a dog park and other enhancements.

Property management responsibilities have been turned over to Mission Rock Residential, a Denver-based affiliated company to Hamilton Zanze.

“We are excited to continue expanding our presence in the Richmond MSA and will continue to look for further opportunities this year,” Nelson said.

Read the full story at Richmond.com.



October 29, 2018

Hamilton Zanze Acquires Copper Mill Apartments in Virginia

RICHMOND, VA. – October 29, 2018 – San Francisco-based real estate investment firm Hamilton Zanze (HZ) has acquired the 192-unit Copper Mill Apartments in Richmond, Virginia, marking the firm’s fourth acquisition in the state. The purchase from seller JRK Property Holdings closed October 24.

The 158,568 square foot community was built in 1987 and reported a 99% occupancy rate in July 2018. Copper Mill is located at 3400 Copper Mill Trace in Richmond’s northwestern suburb of Henrico and offers a mix of one- and two-bedroom units. The site consists of 12 individual, garden-style buildings on 13.3 acres of land. Units range from 697 to 1,010 square feet.

“Copper Mill represented an opportunity to buy a well-located, value-add asset at a favorable cap rate,” said David Nelson, managing director of acquisitions for Hamilton Zanze. “We are excited to continue expanding our presence in the Richmond MSA and will continue to look for further opportunities this year.”

The community is adjacent to two small lakes and features robust natural amenities including a trail system, a shaded picnic area, and outdoor tennis and sand volleyball courts. A 24-hour fitness center and beautiful outdoor pool are also available to community residents.

HZ plans to execute a large-scale community improvement program that will include a broad renovation of 25% of the units to include stone counters, backsplashes, lighting fixtures, cabinet pulls, flooring, and replacement kitchen cabinets. An additional 50% of the units will receive a lighter renovation with resurfaced counters and the addition of new appliances and cabinet faces. The company will also add a dog park and additional enhancements to the community’s amenity package.

Property management responsibilities will be transitioned to Mission Rock Residential, HZ’s Denver-based affiliated company.

Copper Mill is conveniently located just 12 miles outside of Virginia’s capital city. The Richmond metropolitan area is continually recognized as a strategic center for commerce and innovation due to its low business costs, business-friendly climate, and well-educated workforce. To learn more about the Copper Mill Apartments, please visit www.missionrockresidential.com/apartments/va/richmond/copper-mill.

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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 $3.3 billion in multifamily assets primarily in the Western, Southwestern, and Eastern U.S. The company currently owns and operates 82 properties (19,428 units) across 13 states. For additional information, visit www.hamiltonzanze.com.



October 18, 2018

Hamilton Zanze Pays $39.5M For Northglenn Apartments

Hamilton Zanze’s acquisition of Keystone Apartments was recently featured on Bisnow.com:

San Francisco-based Hamilton Zanze has acquired the 208-unit Keystone Apartments in Northglenn for $39.5M.

At 12150 Race St., Keystone Apartments is just 1 mile west of the planned 124th Avenue/Eastlake light-rail station scheduled to open in 2019.

The complex, built in 1986, has received extensive upgrades in recent years. The property offers one- and two-bedroom units with vaulted ceilings, walk-in closets, private balconies and patios and stainless-steel appliances. Community amenities include a clubhouse, fitness center and indoor multisport court, pool and outdoor barbecue areas.

Read the full story at Bisnow.com.



October 14, 2018

Hamilton Zanze Acquires Keystone Apartments in Denver Metro

DENVER – October 12, 2018 – Real estate investment firm Hamilton Zanze (HZ) has acquired 208-unit Keystone Apartments in Northglenn, Colorado. The $39.5 million purchase closed October 11th. ARA, A Newmark Company represented the seller – Aukum Group – in the transaction.

Built in 1986, Keystone Apartments is located at 12150 Race Street in Northglenn, a suburban market just 15 minutes north of Downtown Denver and 20 minutes southeast of Downtown Boulder. The property is just one mile west from the planned 124th Avenue/Eastlake light rail station, which is scheduled to open in 2019.

“Keystone Apartments presented an opportunity to buy a well-located, light value-add deal,” said David Nelson, managing director of acquisitions for Hamilton Zanze. “We love the Northglenn submarket and are excited about continuing our expansion in the Denver metro area.”

The community received extensive upgrades in recent years and is a unique, modern living option in Denver’s Northglenn submarket. The property’s 157,004 net rentable square feet includes one- and two-bedroom unit floorplans, with an emphasis on one-bedroom units. Community amenities include mountain views, a resident clubhouse, a fitness center and indoor multi-sport court, a pool, and outdoor barbecue areas. The apartment units feature vaulted ceilings, walk-in closets, private balconies and patios, and stainless-steel appliances.

HZ plans to expand the community’s amenity package by adding a dog park, upgrading fitness equipment, improving landscaping, and potentially updating the athletic facilities. Unit interiors will be upgraded with new countertops, fixtures, cabinet pulls, and flooring. Property management responsibilities will be transitioned to Mission Rock Residential, HZ’s affiliated, Denver-based property manager.

The Denver metropolitan area is continually recognized for its labor force quality and low cost of doing business, which makes it an attractive market for relocating companies. Northglenn is located in Denver’s Adams County, the fifth most populous county in Colorado. Adams County boasts a diverse industry mix of aerospace, energy, healthcare, logistics and transportation, manufacturing, and wholesale trade. Keystone is also in close proximity to a new 2.4 million square foot Amazon fulfillment center, which is expected to add 1,500 new jobs to the market. To learn more about the Keystone Apartments, please visit www.rentkeystoneapartments.com.

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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 $3.6 billion in multifamily assets primarily in the Western, Southwestern, and Eastern U.S. The company currently owns and operates 81 properties (19,220 units) across 13 states. For additional information, visit www.hamiltonzanze.com.



October 9, 2018

Hamilton Zanze adds $82M buy to portfolio

Hamilton Zanze’s Colorado acquisition of Environs Residential Rental Community was recently featured in the Colorado Real Estate Journal:

San Francisco-based Hamilton Zanze purchased a Westminster rental community with a distinctly single-family feel.

Hamilton Zanze paid $82 million for Environs, an approximately 30-acre rental community at 3323 W. 96th Circle. The community comprises 318 rental units – a mix of market-rate, single-family houses, patio homes, townhomes and condominiums.

“Environs presented an opportunity to buy a great asset in a strong submarket,” said David Nelson, managing director of acquisitions for Hamilton Zanze. “With all of the demand for single-family homes today, we believe this property’s unique mix of condominiums, townhomes, patio homes and houses will appeal to a wide renter pool around the region.”

Visit CREJ.com for the full story.



September 30, 2018

The Quarters at Towson Town Center Trades For $100M

Hamilton Zanze’s acquisition of The Quarters at Towson Town Center was recently featured on GlobeSt.com:

TOWSON, MD–Real estate investment firm Hamilton Zanze and Cantor Fitzgerald have partnered to acquire The Quarters at Towson Town Center residential community here for $100 million. This is HZ’s second acquisition in Maryland, and, along with recent acquisitions in Virginia and Connecticut, is part of San Francisco-based private company’s expansion into the East Coast region.

“The Quarters at Towson Town Center fits our investment criteria perfectly — a large asset above a 5% cap rate in a growing market,” said David Nelson, managing director of acquisitions for Hamilton Zanze, in a prepared statement. “We look forward to continuing to acquire high-quality real estate at good capitalization rates in the Mid-Atlantic and throughout the country in the second half of the year.”

This transaction was Cantor’s second acquisition with Hamilton Zanze this year.

Read the full story at GlobeSt.com.



September 24, 2018

Hamilton Zanze Purchased The Quarters at Towson Town Center in Second Joint Venture With Cantor Fitzgerald

BALTIMORE – September 24, 2018 – Real estate investment firm Hamilton Zanze (HZ), in partnership with Cantor Fitzgerald, L.P., (“Cantor Fitzgerald”), recently acquired The Quarters at Towson Town Center residential community in Towson, Maryland. The purchase price was $100 million.

The 430-unit community was built in 2009 on just under six acres of land and had a 94% occupancy rate as of July. This is HZ’s second acquisition in Maryland, and, along with recent acquisitions in Virginia and Connecticut, signals the company’s strong expansion of investment in the East Coast region.

“The Quarters at Towson Town Center fits our investment criteria perfectly — a large asset above a 5% cap rate in a growing market,” said David Nelson, managing director of acquisitions for Hamilton Zanze. “We look forward to continuing to acquire high-quality real estate at good capitalization rates in the Mid-Atlantic and throughout the country in the second half of the year.”

Ken Carpenter, managing director for Cantor Fitzgerald, added, “This is our second acquisition with Hamilton Zanze this year. Our combined real estate investing experience creates synergies that support our goal of investing in high-quality properties, in strong markets, at favorable cap rates.”

The Quarters at Towson Town Center is located at 960 Southerly Road in Towson, a suburban market just 10 miles north of Downtown Baltimore. The community is designed with a highly urban, walkable approach to align with the greater Towson Town Center’s design. Its 477,939 net rentable square feet comprises one-, two-, and three-bedroom units, with a heavy emphasis on two-bedroom units. Community amenities include a resident clubhouse, fitness center, business center, theatre room, pool, and large outdoor courtyards.

HZ and Cantor Fitzgerald plan to expand The Quarters’ amenity package and will execute improvements on a number of deferred maintenance items, investing in the long-term value of the community. Property management responsibilities will be transitioned to Mission Rock Residential, HZ’s Denver-based affiliate company.

The Quarters is located in the Baltimore metro area, Maryland’s second-largest job center and the largest U.S. seaport in the Mid-Atlantic. Baltimore is closer to the major Midwestern markets than any other major seaport on the East Coast, and more than 60 federal agencies and research labs are located within 30 miles of the city, bringing substantial federal spending and jobs to the area.

To learn more about the Quarters at Towson Town Center, please visit http://www.quarterstowson.com/

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ABOUT HAMILTON ZANZE
Hamilton Zanze (HZ) is a private, San Francisco-based real estate investment firm that owns and operates apartment communities. Since its founding in 2001, Hamilton Zanze has acquired over $3 billion in multifamily assets primarily in the Western, Southwestern, and Eastern U.S. The company currently owns and operates 83 properties (19,304 units) across 13 states. For additional information, visit www.hamiltonzanze.com.



September 22, 2018

Hamilton Zanze Acquires Westminster’s Environs Residential Rental Community

DENVER – August 17, 2018 – Real estate investment firm Hamilton Zanze (HZ) has acquired Environs Residential Rental Community in Westminster, Colorado. The $82 million purchase closed August 31st.

The unique community is spread across 33 acres of land and had a most recent occupancy rate of 92% at the time of sale. Offering 318 rental units, the community is a mix of market-rate single-family houses, patio homes, townhomes, and condominiums. The purchase brings the firm’s total Colorado portfolio to 15 properties, with nine of those in the Metro Denver area.

“Environs presented an opportunity to buy a great asset in a strong submarket,” said David Nelson, managing director of acquisitions for Hamilton Zanze. “With all of the demand for single family homes today, we believe this property’s unique mix of condominiums, townhomes, patio homes, and houses will appeal to a wide renter pool around the region.”

Built in 1984, Environs Residential Rental Community is located at 3323 W 96th Circle in Westminster. The community is designed around a lush landscape, with easy walkability in mind. Its 383,653 net leasable square feet includes numerous amenities including an updated clubhouse, a 24-7 fitness center, two pools, a basketball court, and outdoor barbecue areas.

HZ purchased the property from Seagate Colorado Partners, LLC, who owned it for three years. Select units have been upgraded with black or stainless-steel appliances, new cabinetry, new lighting packages, refinished countertops, and new vinyl plank flooring. HZ plans to undertake similar upgrades to the remaining 119 units. Property management responsibilities will be transitioned to Mission Rock Residential, HZ’s Denver-based affiliate.

The Metro Denver market is home to one of the nation’s most educated workforces and a diverse industry mix that include the aerospace, healthcare, technology, and manufacturing sectors. Westminster, a northwest suburb of Denver just 10 miles from the Colorado State Capitol, is the seventh most populous city in Colorado. The community is located along the U.S. 36 Tech Corridor and is well-positioned to attract both the Denver and Boulder workforce populations.

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ABOUT HAMILTON ZANZE
Hamilton Zanze (HZ) is a private, San Francisco-based real estate investment firm that owns and operates apartment communities. Since its founding in 2001, Hamilton Zanze has acquired over $3 billion in multifamily assets primarily in the Western, Southwestern, and Eastern U.S. The company currently owns and operates 83 properties (19,304 units) across 13 states. For additional information, visit www.hamiltonzanze.com.



September 7, 2018

Westminster apartment building sells for $82 million

Hamilton Zanze’s Colorado acquisition of Environs Residential Rental Community was recently featured in the Denver Business Journal:

Hamilton Zanze purchased Environs Apartments in Westminster has for $82 million.

Located at 3323 W. 96th Circle, the 33-acre property was 92 percent leased at the time of the sale. The 318-unit complex consists of market-rate single residences, patio homes, townhomes and condos. This purchase brings HZ’s total number of properties in Colorado to 15. Nine of them are in the metro area.

Given the demand for single-family homes today, David Nelson, managing director of acquisitions for HZ said that the company believed Environs unique mix of offerings will appeal to a “wide renter pool around the region.”

The property, built in 1984, was sold by Seagate. Amenities include a clubhouse, fitness center and two pools. Seagate upgraded all but 119-units, which HZ plans to finish.

Hamilton Zanze recently purchased a Broomfield apartment community for $50 million and another Broomfield apartment complex for $67 million.

Visit the Denver Business Journal for the full story.



September 6, 2018

Hamilton Zanze Sells Edgewood Park Apartments in Salt Lake City

Salt Lake City, UT – September 6, 2018 – San Francisco-based real estate investment firm Hamilton Zanze (HZ) sold Edgewood Park Apartments in Salt Lake City, Utah to Los Angeles-based ARB Investments.

Edgewood Park Apartments is located 13 miles south of Salt Lake City in the Cottonwood Heights district. Situated along I-215, the property is located near major retail, dining, entertainment and employment centers. HZ purchased the property in 2011.

Built in 1994, Edgewood Park Apartments comprises 64 one- and two-bedroom units, totaling 62,928 rentable square feet. HZ recorded an impressive occupancy rate of 100% at the time of the disposition due to significant enhancements and improved market conditions during the time of ownership.

“Edgewood is our seventh Utah disposition in the last 36 months,” said Ashlee Cabeal, HZ’s senior director of dispositions. “We are proud to have been able to capitalize on the strong Salt Lake City market in recent years, achieving a great outcome for our investors.”

During its ownership, HZ added significant value to the property through unit renovations, which included new flooring, two-tone paint, new kitchen and bath lighting fixtures, resurfaced countertops, and new blinds. Select units were enhanced with painted cabinetry, upgraded appliances and new doors.

Salt Lake City was recently named one of the 50 best U.S. cities to live in by Business Insider for its variety of outdoor activities and tremendous economic growth. The state had one of the fastest-growing and most diverse economies in the nation in 2017, supported by a net in-migration of over 100,000 people in the last four years. Strong market conditions and favorable forecasts for population and job growth provided HZ an opportune time to sell the property.

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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 $3.2 billion in multifamily assets primarily in the Western, Southwestern, and Eastern U.S. The company currently owns and operates 83 properties (19,304 units) across 13 states. For additional information, visit www.hamiltonzanze.com.