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 Acquires Three Apartment Communities in Washington
SAN FRANCISCO, Calif. – San Francisco-based real estate company Hamilton Zanze (HZ) has acquired Maple Glen Apartments in Mountlake Terrace, WA, Aravia Apartments in Tacoma, WA, and Arbor Square Apartments in Olympia, WA. With these purchases, HZ now owns 12 properties in the Seattle/Tacoma and Puget Sound region.
Maple Glen was built on over six landscaped acres in 1986 and was recently extensively renovated by the seller. HZ plans to execute $1,400,000 ($13,208/unit) of capital improvements, including unit renovations and remodeling of common areas.
Aravia is a gated community built in 2001 on over 14 acres. HZ has an estimated $805,000 ($7,000 per unit) of capital improvements planned for Aravia, including units renovation. The company also plans to make available previously unused rentable space to generate additional revenue.
Arbor Square is a garden-style community built on over seven park-like acres in 1989. HZ plans to execute $1,200,000 ($8,889/unit) of capital improvements, including the addition of a dog park and expansion of the fitness center.
“The Pacific Northwest has strong market fundamentals, and we have grown our portfolio accordingly,” says David Nelson, HZ’s Managing Director of Acquisitions. “In the next month, we will purchase additional assets in the MSA, increasing our presence and solidifying our portfolio.”
HZ has purchased 17 multifamily assets for over $350 million in the Western and Southwestern U.S. over the last 12 months.
About Hamilton Zanze & Company
Founded in 2001 and based in San Francisco, Hamilton Zanze & Co. specializes in the acquisition and asset management of apartment communities in the Pacific, Mountain, and Southwestern regions of the United States. The company currently owns and operates 77 properties (15,197 units) across 9 states. Since inception, HZ has acquired more than $1.5 billion in multi-family assets on behalf of its clients. For additional information, visit www.hamiltonzanze.com.
About Mission Rock Residential
Mission Rock Residential was formed in August 2012 and is led by a team of professionals with decades of experience from some of the top property management companies in the nation. The company currently manages over 13,400 units in its portfolio. For additional information, visit www.missionrockresidential.com.