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
Copper Mill Apartment Complex in Western Henrico Sells for $33 Million
Hamilton Zanze’s acquisition of Copper Mill Apartments was recently covered by the
“Copper Mill Apartments, a 192-unit complex in western Henrico County, has been sold to a California-based real estate investment firm for $33 million.
San Francisco-based Hamilton Zanze acquired the complex, which is off West Broad Street about a quarter-mile east of Pemberton Road.
‘Copper Mill represented an opportunity to buy a well-located, value-add asset at a favorable cap rate,’ said David Nelson, managing director of acquisitions for Hamilton Zanze.
Hamilton Zanze plans to renovate 25 percent of the units to include stone counters, backsplashes, lighting fixtures, cabinet pulls, flooring, and replacement kitchen cabinets. An additional 50 percent of the units will receive a lighter renovation with resurfaced counters and the addition of new appliances and cabinet faces. The company also will add a dog park and other enhancements.
Property management responsibilities have been turned over to Mission Rock Residential, a Denver-based affiliated company to Hamilton Zanze.
‘We are excited to continue expanding our presence in the Richmond MSA and will continue to look for further opportunities this year,’ Nelson said.”
Read the full story at Richmond.com.