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Hamilton Zanze & Co. Acquires Marketplace Apartments in Vancouver, WA for $12,750,000

hamilton-zanze May 04, 2015
Press Releases Transactions

SAN FRANCISCO, Calif. – July 25, 2013 – Hamilton Zanze & Co. recently acquired Marketplace Apartments, a 173-unit Class B property in Vancouver, WA, for $12,750,000 ($73,699 per unit). The seller was American Property Management, Inc., and the transaction was brokered by Doug Childers and Ira Virden from HFF L.P.

Hamilton Zanze’s Acquisitions Director David Nelson says of the transaction, “We are excited to further grow our Portland footprint. Marketplace is our first purchase in Vancouver, and we will continue to look for acquisition opportunities that will solidify our presence in the Portland MSA.” The property is the 12th multi-family asset purchased by the company in the past 12 months.

Marketplace Apartments was built in 1998 and is subject to LIHTC rent and income restrictions. Hamilton Zanze is planning a value-add program, which includes approximately $700,000 in capital improvements and new property management provided by Mission Rock Residential to improve operations and strengthen tenant retention.

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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.