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 Completes Sale of Brittany Lane Apartments
TACOMA, Wash. – March 15, 2018 – San Francisco-based real estate investment firm Hamilton Zanze (HZ) is pleased to announce the sale of the Brittany Lane Apartments to Seattle-based Thayer Manca (TMR) for $35,070,000. The apartment community is located just outside of Tacoma, in the southwestern submarket of Lacey, Washington, and has been held by Hamilton Zanze since 2013.
Built in 1998, Brittany Lane is located at 1404 Brittany Lane, and offers 189 one- and two-bedroom units. Its 175,537 net rentable square feet were 94% occupied at the time of disposition.
“With Brittany Lane, Hamilton Zanze recognized an asset with significant upside. We were able to execute our business plan through strategic property improvements, including unit renovations, which created operational efficiencies to the property’s benefit,” said David Nelson, managing director of acquisitions for Hamilton Zanze. “With low interest rates, low cap rates, and the property’s high-growth location, we believe this was an ideal time to sell. This was a great outcome for HZ and our investors.”
During its ownership, Hamilton Zanze added a playground amenity, executed minor clubhouse renovations, and modernized each of the individual residential units across the property.
Located in the Olympia metro area near the shores of beautiful Puget Sound, Lacey is a nature-lover’s paradise. Just a one-hour drive from downtown Seattle, the community offers access to employment opportunities and a great quality of life. High barriers to homeownership in the submarket, strong population growth, and the presence of the nearby University of Washington student population all support strong demand and healthy occupancy rates for the property in the years ahead.