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Hamilton Zanze Completes Sale of Tropicana Springs in Las Vegas

hamilton-zanze December 20, 2017
Press Releases Transactions

LAS VEGAS, Nev. – December 20, 2017– San Francisco-based real estate investment firm Hamilton Zanze (HZ) sold Tropicana Springs Apartments in Las Vegas, NV on December 18, 2017.

Built in 1984, Tropicana Springs Apartments comprises 140 one- and two-bedroom units. The property is located in the Paradise neighborhood just six miles southeast of Downtown Las Vegas, and six miles adjacent of the Las Vegas Strip. Located along U.S State Route 593 and Interstate 515, the property’s location offers residents immediate access to abundant retail, dining, entertainment, and employment opportunities in the downtown area. HZ purchased the property in 2005.

During its ownership, HZ added significant value to the property through extensive unit renovations and community amenity improvements, including exterior lighting improvements, landscaping enhancements, pool area upgrades, and carport repairs. Unit renovations included updating countertops and kitchen appliances for an average 30% return on cost. A strong economy and favorable demographics provided HZ an opportune time to sell the property.

Known as “The Entertainment Capital of the World,” Las Vegas is famous for its casino resorts, gambling, and fine dining. Tourism continues to be a major supporter for the local economy, drawing in significant out-of-state capital. Metro occupancy registered 94.5% at the time of sale with forecasted 2018 rent growth of 3.9%.

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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 $3.1 billion in multifamily assets primarily in the Western, Southwestern, and Eastern U.S. The company currently owns and operates 83 properties (18,478 units) across 11 states. For additional information, visit www.hamiltonzanze.com.