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Hamilton Zanze Acquires The Reserve at Ballenger Creek Apartments in Maryland
FREDERICK, Md. – July 24, 2019 – San Francisco-based real estate investment firm Hamilton Zanze (HZ) has acquired The Reserve at Ballenger Creek Apartments in Frederick, MD (Washington metropolitan area). The purchase closed on July 10th, and property management responsibilities have been transferred to Mission Rock Residential.
The community, built in 2000, is located near Interstates 70 and 270, providing direct access into Washington D.C. and its surrounding markets. The community offers a mix of one-, two-, and three-bedroom units ranging from 750 to 1,150 square feet in size. Each unit is equipped with its own private balcony or patio area.
“The Reserve at Ballenger Creek presented an opportunity to buy a well-maintained asset in a strong market where we can continue growing our presence,” said David Nelson, Hamilton Zanze’s managing director of acquisitions. “The property’s vintage, size, location, and amenity base are aligned with our vision, and we will continue looking for opportunities in the Mid-Atlantic.”
Select units feature vaulted ceilings and new carpeting, as well as open kitchen layouts with maple cabinetry, modern appliances, built-in wine racks, and walk-in pantry closets.
Community amenities include a clubhouse with free Wi-Fi, a fitness center and cardio theater, and landscaped courtyards and playgrounds. The Reserve at Ballenger Creek is set apart by its unique community amenities, including car care center and dog park.
HZ acquired the property with plans to renovate units with quartz countertops, black appliances, new tile backsplashes, plank flooring, new lighting and plumbing fixtures, and more. In addition, exterior siding, trim, paint, and carpentry across the eight total buildings will be updated, and a package locker system will be installed.
Frederick County has experienced strong, long-term economic growth, and regional employers have been successful in attracting and retaining its millennial population. In 2018, Amazon announced the construction of a new corporate headquarter in Arlington, VA (48 miles from the property), comprising 2.1 million square feet and expected to accommodate 25,000 employees. Further, The Reserve is located near several large employers, including Leidos Biomedical Research, Frederick Regional Health Systems, and the area’s largest employer, Fort Detrick.
To learn more about the Reserve at Ballenger Creek, please visit www.ballengercreekapts.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 $3.9 billion in multifamily assets primarily in the Western, Southwestern, and Eastern U.S. The company currently owns and operates 82 properties (19,665 units) across 15 states. For additional information, visit www.hamiltonzanze.com.