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Hamilton Zanze Acquires 360-Unit Tresa at Arrowhead Apartments in Phoenix Market

hamilton-zanze May 16, 2016
Press Releases Transactions

SAN FRANCISCO, Calif – May 16, 2016 – San Francisco-based real estate company Hamilton Zanze (HZ) announced the recent acquisition of Tresa at Arrowhead for $47,000,000 ($130,556/unit). The 360-unit Class B+ apartment community is located in Glendale, AZ, approximately 10 miles northwest of Downtown Phoenix.

Tresa at Arrowhead was built in 1998 and is 0.5 miles from the Arrowhead Towne Center and 1 mile from the vibrant P83 Entertainment District. The P83 Entertainment District’s Peoria Sports Complex is used by the Seattle Mariners and San Diego Padres for spring training. The local economy is supported by diverse industries, including manufacturing, insurance, utilities, finance, construction, healthcare, retail, and hospitality. Major local employers include Blue Cross and Blue Shield of Arizona, Mayo Clinic, Arizona State University, Karsten Manufacturing, Amica Mutual Insurance, Arizona Power Services, Wells Fargo Home Mortgage, and Suntec Concrete.

HZ’s Managing Director David Nelson says of the acquisitions: “We are thrilled to purchase a pristine asset with access to 3,000,000 square feet of retail, the P83 Entertainment District, and 265,000 square feet of office across the street in a supply-constrained submarket of Phoenix.”

HZ plans to execute a $1,620,000 capital improvement program, including unit upgrades and a clubhouse remodel. Property management will transition to Denver-based Mission Rock Residential.

As Phoenix apartments remain essentially full at around 95% occupancy, the metro’s annual rent growth accelerated to a nine-year high of 7.2% in Q1 2016 (source: MPF Research).

HZ has purchased four multifamily assets, including properties in Colorado and Washington, in the first five months of 2016.

Summary of the Acquisition

  • 360-unit Class B+ multifamily property built in 1998
  • Located in the Phoenix MSA
  • Planned $1.62 million value-add program to improve income
  • HZ’s ninth active investment in the Phoenix MSA (HZ has previously sold 5 assets in the market)
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About Hamilton Zanze

Hamilton Zanze 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 $2.4 billion in multifamily assets across 10 states in the Western and Southwestern U.S. The company currently owns and operates 86 properties (18,600 units) across nine states. For additional information, visit www.hamiltonzanze.com.