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
Hamilton Zanze Sells Multifamily Community in Richmond Metro
RICHMOND, Va. – May 17, 2022 – San Francisco-based real estate investment firm Hamilton Zanze is pleased to announce the sale of Copper Mill Apartments in the desirable Northwest Richmond submarket of the Richmond metropolitan area. The firm purchased the property in 2018 and the sale closed on May 10, 2022.
During their ownership, Hamilton Zanze completed numerous exterior improvements and landscaping improvements, and renovated unit interiors and amenities to improve leasing efforts and increase rental rates.
“Copper Mill was one of the first assets we acquired in the Northeast. This sale represents our first full cycle investment in the state of Virginia,” said Anthony Ly, senior director of dispositions at Hamilton Zanze. “We are pleased to have executed on our business plan, which included improving management and upgrading unit interiors and ultimately allowing HZ to deliver a solid return to our investors.”
Copper Mill was built in 1987 and is located at 3400 Copper Mill Trace in Richmond, Virginia. The property comprises 192 one- and two-bedroom units averaging 826 square feet. The community features a swimming pool, fitness center, tennis court, volleyball court, car wash area, and a beautiful lakeside setting.
Copper Mill is located along U.S. 250, a key thoroughfare, and near interstates 64 and 295, providing residents easy access to Downtown Richmond, Short Pump, Washington D.C., and Virginia Beach. The property is also 19.6 miles (22-minute drive) northwest of Richmond International Airport. The Richmond metro area economy is primarily driven by diverse employment in education, healthcare, finance, and government sectors. Nearby academic and research institutions like the University of Richmond and Virginia Commonwealth University continue to supply the metro with a young, educated workforce.
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 $5.8 billion in multifamily assets primarily in the Western, Southwestern, and Eastern U.S. The company currently owns and operates 132 properties (22,821 units) across 17 states and 30 markets. For additional information, visit www.hamiltonzanze.com.