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Hamilton Zanze Completes Sale of Bradford Park Apartments in Washington

hamilton-zanze September 06, 2018
Press Releases Transactions

SEATTLE, Wash. – September 6, 2018 – San Francisco-based real estate investment firm Hamilton Zanze (HZ), has sold Bradford Park Apartment Homes in Lynnwood, Washington. California-based Freshwater Investments purchased the property for $24.6 million.

Bradford Park Apartment Homes is located just three miles from the Puget Sound coast and within a 30 minute drive of downtown Seattle. HZ purchased the property in December 2010.

Built in 1989, Bradford Park is located at 16604 48th Avenue West and comprises 100 one-, two-, and three-bedroom units totaling 94,640 square feet. HZ recorded a 96% occupancy rate at the time of the disposition.

“Bradford Park was a great property for us,” said Ashlee Cabeal, senior director of dispositions for Hamilton Zanze. “This deal really showcases Hamilton Zanze’s ability as a multifamily operator. We are glad to have achieved such a great outcome for our investors.”

During its eight years of ownership, HZ added significant value to the 11-building property through unit upgrades that included new appliances and cabinetry and upgraded flooring, lighting, hardware, and paint. HZ completed window replacements, roofing repairs, and significant landscaping upgrades throughout the property.

Well-situated just north of the Seattle metro area, Lynnwood has experienced significant rent growth in the past 36 months. The community is located 16 miles north of Downtown Seattle and a popular home for Seattle commuters.

The Seattle metro area continues to outpace the U.S. in terms of economic growth. Amazon, Microsoft, and Boeing are locally headquartered, which continues to attract other top employers to the area. The greater Puget Sound region benefits from steady population growth, strong post-recession economic recovery, and an increasingly diverse economy.

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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 (19,284 units) across 13 states. For additional information, visit www.hamiltonzanze.com.