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Hamilton Zanze Sells Portfolio of Three Apartment Communities in Austin
AUSTIN, Texas. – September 5, 2018 – San Francisco-based real estate investment firm Hamilton Zanze (HZ) and its joint venture partner sold a portfolio of three apartment communities in Austin, Texas, including the Broadmoor Apartments, Chesapeake Apartments, and the Falls on Bull Creek. Houston-based Nitya Capital purchased the portfolio.
Totaling nearly 500,000 net rentable square feet over 668 units, the communities are located in close proximity to one another in Northwest Austin near many major regional employers, US-183 Hwy, FM 620, and Toll 45.
All three apartment properties were built in the mid-1980’s. HZ purchased the communities in 2015 and held them for the past three years. The properties maintained high occupancy rates, ultimately landing at 94% occupied at the time of sale.
“We are thrilled with the outcome of the deal,” said Ashlee Cabeal, HZ’s senior director of transactions. “The dynamic Austin market presented many challenges as tenant needs and wants fluctuated, but it also presented an opportunity to pivot from the initial business plan and execute unit upgrades that included granite countertops, backsplashes, and Dwelo smart home systems. We believe we captured the value of these properties and achieved a great result for our partner and investors.”
The Austin metro area has outpaced the U.S. for several years in terms of economic growth and employment, contributing $1.8 trillion to the local economy in 2017. The market boasts a 2.9% unemployment rate, one of the lowest in the nation. The city consistently places on the top of ‘Best Places to Live’ lists, which has contributed to its strong occupancy rate.
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 82 properties (19,248 units) across 13 states. For additional information, visit www.hamiltonzanze.com.