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 The Village at Desert Lakes in Las Vegas
Las Vegas, Nev. – September 27, 2019 – Hamilton Zanze, a San Francisco-based real estate investment firm, is pleased to announce the sale of The Village at Desert Lakes in Las Vegas, NV. The property is located in The Lakes, a master-planned community in a highly desirable West Las Vegas neighborhood. Hamilton Zanze owned the property for seven years and sold the property on September 26, 2019.
Village at Desert Lakes was built in 1990 at 9155 West Desert Inn Road. The 184-unit, 15-building community features an indoor lap pool and basketball court, attached garages, and large one-, two-, and three-bedroom floor plans averaging 1,024 square feet.
“We are thrilled with our execution with The Village at Desert Lakes,” said David Nelson, Hamilton Zanze’s managing director of transactions. “We were able to raise net operating income significantly through successful unit upgrades and expense control, allowing us to take out a supplemental loan to expand our renovation scope. This is a great outcome for HZ and our investors.”
Hamilton Zanze rebranded the property from Broadstone Desert Lakes to The Village at Desert Lakes in 2012. During their ownership, the company executed a value-add campaign including pool area upgrades, leasing office and clubhouse renovations, new signage, landscaping, and unit renovations. Units were updated with stainless steel appliances, grey cabinetry, quartz countertops, new light fixtures and carpet, and faux wood flooring.
Las Vegas hosts over 40 million visitors annually for its entertainment and gaming industries, and there are currently about $15 billion in construction projects planned in the metro area, including the Madison Square Garden Sphere, Raiders Stadium, a Las Vegas Convention Center expansion, and The Las Vegas Medical District and University of Nevada, Las Vegas Medical School. The Greater Las Vegas economy continues to grow as a result of its high quality of life, strong employment and population growth, and continued investments in the region.
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 $4 billion in multifamily assets primarily in the Western, Southwestern, and Eastern U.S. The company currently owns and operates 81 properties (19,602 units) across 15 states. For additional information, visit www.hamiltonzanze.com.