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Hamilton Zanze Acquires 264-Unit Apartment Community in Austin, TX
Austin, Texas. — San Francisco-based real estate company Hamilton Zanze (HZ) announced today its successful acquisition of Bradford Pointe Apartments in Austin, TX. The property — located less than five miles from Apple and IBM — is HZ’s fourth current investment in a metro known for its fast-growing tech sector and young, well-educated workforce.
Bradford Pointe is a 264-unit, Class B apartment community built in 1984 in the North Central Austin submarket. The property is located just 2.1 miles east of upscale shopping destination The Domain. Several major tech companies, including Google and Samsung, have offices within 10 miles of the property, and attract increasing numbers of young professionals to the area. Austin’s median age is relatively young at 30.3 years old, and 38.7% of the population holds a bachelor’s degree or higher, well above national and state averages. Austin is consistently ranked among the nation’s top markets for science, technology, energy, and manufacturing (STEM) jobs.
“This acquisition aligns our desires to take advantage of improving market conditions by purchasing uniquely located, quality assets, and to expand our presence in the Austin market,” says David Nelson, HZ’s Managing Director of Acquisitions. “Metric Boulevard is ideally located near The Domain and Arboretum, with access to jobs, recreation, shopping, and entertainment. We will continue to pursue similar opportunities in the greater Austin market.”
HZ plans to implement a $1,850,000 capital improvement program and new property management through Mission Rock Residential.
HZ has purchased 15 multifamily assets for over $297 million in the Western and Southwestern U.S. over the last 12 months.
- 264-unit Class B multifamily property built in 1984
- Located in strong multifamily submarket in the Austin MSA
- Planned value-add program to drive operations
- HZ’s fourth current investment in Austin MSA
About Hamilton Zanze
Hamilton Zanze is a private, San Francisco-based real estate company that acquires, repositions, and operates apartment communities. Since its founding in 2001, Hamilton Zanze has acquired over $1.93 billion in multifamily investments across 10 states in the Western and Southwestern U.S. The company currently owns and operates 82 properties (17,023 units) across nine states. For additional information, visit www.hamiltonzanze.com. About Mission Rock Residential Mission Rock Residential performs onsite and offsite property management for apartment communities in the U.S. Mission Rock is headquartered in Denver, CO and has a regional office in Phoenix, AZ. For additional information, visit www.missionrockresidential.com.
About Mission Rock Residential
Mission Rock Residential performs onsite and offsite property management for apartment communities in the U.S. Mission Rock is headquartered in Denver, CO and has a regional office in Phoenix, AZ. For additional information, visit www.missionrockresidential.com.