For Multifamily Executive, Hamilton Zanze CEO Kurt Houtkooper details the reasons for optimism about the multifamily market and his company’s plans for 2024.Read
Hamilton Zanze Buys Multifamily Community in Houston Metro
HOUSTON, Texas. – June 7, 2022 – San Francisco-based multifamily real estate investment firm Hamilton Zanze (HZ) has acquired the 200-unit Park at Waterford Harbor Apartments in Kemah, Texas. This represents HZ’s 26th acquisition in Texas.
The community, built in 1996, is 29 miles southeast of Downtown Houston, which has become a headquarters hub for several Fortune 500 companies, including Phillips 66, Sysco, and Hewlett Packard Enterprise.
“We are very excited to add Park at Waterford Harbor to our portfolio and add another asset in the Clear Lake Submarket,” said David Nelson, Hamilton Zanze’s chief investment officer. “Its appealing location on the Kemah Harbor, proximity to NASA’s Johnson Space Center, other strong job drivers in the Houston metro, and the wide range of amenities and floorplans the property offers drew us to the opportunity. Along with our nearby property, Signature Point, we look forward to continuing to grow our presence in the Houston MSA.”
The Park at Waterford Harbor Apartments was 96.5% occupied at purchase. The community is located at 1420 Marina Bay Drive in the desirable Clear Lake submarket, approximately 35 minutes from Downtown Houston. The 200 units average 982 square feet with seven different floor plans. Community amenities include a fitness center, dog park, and a putting green. Unit amenities include granite countertops, stainless steel appliances, large closets, and washers and dryers in each unit.
HZ’s capital improvements will include site and building improvements, amenity updates, a unit renovation campaign to update 40 remaining classic units and sustainability implementation. Management of the property has also been transitioned to HZ affiliate Mission Rock Residential, a Denver-based company.
To learn more about The Park at Waterford Harbor Apartments, please visit The Park at Waterford Harbor Apartments.
ABOUT HAMILTON ZANZE
Hamilton Zanze, a private 1031 exchange and multifamily apartment real estate investment firm, owns and operates multifamily apartment communities. Since its founding in 2001, Hamilton Zanze has acquired over $5.8 billion in multifamily assets primarily in the Western, Southwestern, and Eastern U.S. The company currently owns and operates 132 properties (22,821 units) across 17 states and 30 markets. For additional information, visit hamiltonzanze.com.