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Hamilton Zanze Completes Sale of Albuquerque Apartments
ALBUQUERQUE, N.M. – June 20, 2019 – San Francisco-based real estate investment firm Hamilton Zanze (HZ) is pleased to announce the sale of Las Kivas Apartments in Albuquerque, NM. The firm purchased the apartment community in January 2006.
Built in 1992, Las Kivas Apartments is located at 4777 Tramway Blvd NE and comprises 112 units, totaling 136,412 net rentable square feet. Well-situated on the northeastern side of Albuquerque, the property is located near the Sandia Mountains and 12 miles from the city’s downtown core. Units feature walk-in closets, private patios or balconies, energy-efficient appliances, and in-unit washers and dryers.
“HZ has sold four properties in the Albuquerque metro in the last 12 months, leaving Las Kivas Apartments as one of the company’s final assets in the market,” said Ashlee Cabeal, Hamilton Zanze’s senior director of transactions. “Albuquerque has undoubtedly experienced a strong seller’s market as a result of compressed cap rates.”
During its ownership tenure, Hamilton Zanze added value to the property though renovation projects, including landscaping updates, tree trimming, individual unit upgrades, and community package locker installation. Strong property operations resulted in a high occupancy rate at the time of sale.
Albuquerque is centered in the New Mexico Technology Corridor, a concentration of high-tech private companies and government institutions along the Rio Grande. The city is home to a number of attendant contracting companies, as well as the Sandia National Laboratories and Kirtland Air Force Base. The metro benefits from a highly educated workforce, as it is home to the University of New Mexico, National American University, Trinity Southwest University, and Central New Mexico Community College.
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 (19,874 units) across 16 states. For additional information, visit www.hamiltonzanze.com.