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Hamilton Zanze Sells 432-Unit Apartment Community in the Phoenix Metro

hamilton-zanze July 13, 2016
Press Releases Transactions
Hamilton Zanze Sells 432-Unit Apartment Community in the Phoenix Metro

SAN FRANCISCO, Calif. — San Francisco-based real estate investment company Hamilton Zanze (HZ) and joint venture partner Dome Equities, a private equity real estate investment firm, sold Gateway on Gilbert Apartments to Capital Real Estate, LLC on July 1, 2016 for an undisclosed price. ARA Newmark represented the sellers.

The 432-unit apartment community was built in 1985 and is located at 1710 S. Gilbert Road in Mesa, AZ, approximately 20 miles southeast of Downtown Phoenix and at the center of several business corridors.

“We executed on our value-add strategy at Gateway on Gilbert and were able to opportunistically sell the asset due to the strong Phoenix market,” says Kurt Houtkooper, HZ’s chief investment officer. “We look forward to a continued presence in this market.”

During an ownership period of almost three years, HZ implemented over $3 million in capital improvements, including 216 unit upgrades, an extensive roof replacement, and clubhouse remodel. The one- and two-bedroom units average 819 square feet and feature full-size washers and dryers, vaulted ceilings, fireplaces, ceiling fans, and walk-in closets. Community amenities include four swimming pools, fitness center, sports courts, dog park, and picnic and BBQ areas. At time of sale, occupancy was 96%.

HZ has sold 13 multifamily properties in 2016 thus far. Dome’s real estate portfolio totals nearly $1.27 billion, of which 94% are apartment properties located in 20 metropolitan areas in the United States.

Summary of the Disposition

• 432-unit Class B multifamily property built in 1985

• Located at 1710 S. Gilbert Road, in Mesa, AZ (Phoenix MSA)

• Undisclosed price

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About Hamilton Zanze

Hamilton Zanze 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 $2.4 billion in multifamily assets across 10 states in the Western and Southwestern U.S. The company currently owns and operates 84 properties (18,068 units) across nine states. For additional information, visit www.hamiltonzanze.com.

About Dome Equities, LLC

Dome Equities, LLC (www.domeeq.com) is a New York City-based private equity real estate investment firm specializing in core+, value-add, and opportunistic strategies in U.S. real estate with a focus on multifamily rental properties. Dome’s mission is to deliver investment opportunities that provide strong, stable current returns while generating long-term capital appreciation. The firm applies a disciplined investment process marrying top-down economic and demographic research with bottom-up sourcing by accessing local knowledge via an expansive, scalable network of owners/operators. Management currently employs a strategy targeting investment in the multifamily apartment market. Always seeking profit creation as a core objective, Dome acquires apartment properties below their replacement cost, implements best-in-class management practices and invests strategic capital to improve property operations, followed by the sale to a long-term owner, all within a three- to five-year period.