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Nineteen-story multifamily high-rise expands company’s Music City portfolio.
ReadAUSTIN, Texas. – July 7, 2014 – San Francisco-based Hamilton Zanze and its joint venture partner New York Life Real Estate Investors recently sold The Retreat at Barton Creek, a 600-unit apartment community in Austin, TX. The buyer was Southern California-based Paydar Properties. Charles Cirar with CBRE brokered the deal.
Hamilton Zanze, a real estate investment company that primarily acquires and operates multifamily communities in the Southwest, Pacific Northwest, and Mountain states, purchased Retreat at Barton Creek, formerly known as Barton’s Lodge, in July 2007.
During its ownership, Hamilton Zanze completed a refinance in 2012 and fully executed a value-add program, spending over $7 million in capital improvements. The company renovated 100% of the units, modernized the pool areas, and completed a $250,000 landscaping improvement plan to add to the property’s appeal and secure significant rent increases. From Hamilton Zanze’s acquisition of the property to its recent sale, effective gross income increased by 62% and net operating income by 94%.
“We owned Barton Creek for just over seven years. We executed on a capital improvement program that significantly enhanced the property’s appeal and operations. This transaction speaks to the strength of the Austin market and the high quality of the asset,” said Hamilton Zanze’s Chief Investment Officer Kurt Houtkooper of the disposition.
Hamilton Zanze currently owns and operates 77 properties (15,225 total units) across nine states.
Disposition Summary
About Hamilton Zanze
Hamilton Zanze is a private San Francisco-based real estate investment company that acquires, repositions, and operates apartment communities on behalf of its private clients and institutional partners. Since our founding in 2001, we have acquired over $1.72 billion in multifamily investments across 10 states in the Western and Southwestern U.S. We currently own and operate 77 properties (15,225 total units). For additional information, please visit www.hamiltonzanze.com.