HZ News

Stay up to date on news about HZ and our markets.

HZ News Press Release

April 5, 2019

Hamilton Zanze Enters Missouri with Cornerstone Apartments Acquisition

INDEPENDENCE, MO – April 5, 2019 – San Francisco-based real estate investment firm Hamilton Zanze (HZ) has acquired the 420-unit Cornerstone Apartments in Independence, MO in the Kansas City metropolitan area. The purchase closed April 4th.

The 14-building community was built in 2004 and is located in close proximity to Interstate 70 and Independence Center Mall, providing immediate access to dining, shopping, entertainment, and five nearby universities. Cornerstone offers a mix of one- and two-bedroom units well-suited for both individual and family occupancy.

“Cornerstone Apartments represented an opportunity to acquire a well-located asset at an attractive discount to its replacement cost,” said David Nelson, Hamilton Zanze’s managing director of acquisitions. “Kansas City has been a target market for Hamilton Zanze in the past two years, and we will continue to look for further opportunities throughout the Kansas City metro in the months to come.”

The property features a 24-hour fitness center, a heated indoor and outdoor year-round pool, and a large whirlpool spa. HZ plans to focus on enhancing the community’s business center and clubhouse, in addition to adding a dog park and package storage system.

The apartment units feature expansive floor plans, master baths with separate showers and bathtubs, and cherry cabinetry. All units feature private patio areas or balconies. HZ plans to add faux-wood flooring in living spaces, new stainless steel or black appliances, and new lighting fixtures.

Property management responsibilities will be transferred to Mission Rock Residential, a Denver-based affiliate company of HZ.

Cornerstone Apartments is located just 20 minutes from downtown Kansas City. Since 2000, over $6 billion of public and private projects have been completed in the metro area, with population growth of roughly 120,000 from 2010 to 2017. The region ranked in the top-15 North American cities for growth in the technology sector from 2011 to 2016, with a 41.8% increase in tech employment that outpaced major tech hubs including Los Angeles, Toronto, Boston, Atlanta, and Dallas. Strong economic and population growth are likely to continue, supporting the metro as a prime market for multifamily investment.

To learn more about Cornerstone Apartments, please visit www.cornerstoneapartmenthomes.com.

________________________________________________________________________________________________

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 $3.9 billion in multifamily assets primarily in the Western, Southwestern, and Eastern U.S. The company currently owns and operates 85 properties (20,186 units) across 16 states. For additional information, visit www.hamiltonzanze.com.



March 6, 2019

Hamilton Zanze Enters Kansas with Overland Park Acquisition

Overland Park, Kansas – March 6, 2019 – San Francisco-based real estate investment firm Hamilton Zanze (HZ) has acquired the 272-unit Metcalf Village Apartments in Overland Park, Kansas, rebranding the community as Boulders at Overland Park Apartments. The purchase closed February 28.

The 261,862-square-foot community was built in 2017 in the Blue Valley School District — one of the best performing districts in the nation. The Boulders at Overland Park offer a mix of one-, two-, and three-bedroom units well-suited for both single and family occupancy.

“This community represented a great opportunity to buy new, stabilized product below replacement cost thanks to robust local market momentum,” said David Nelson, managing director of acquisitions for Hamilton Zanze. “Overland Park has been a target market for our acquisitions team, and we are excited to have found a perfect acquisition to fit our criteria. We look forward to further growing our presence in Kansas in the years to come.”

The community is located close to Highway 69 at 16201 Travis Street, Overland Park, Kansas 66085. It features a 24-hour fitness center and an expansive outdoor saltwater pool, and HZ plans to execute only minor community improvements due to its newer construction. Planned projects will include landscape enhancements and improved outdoor lighting for wayfinding and ambiance. The individual units feature state-of-the-art appliances, granite countertops, wood vinyl floors, and large, efficient dual pane windows.

Property management responsibilities will be transitioned to Mission Rock Residential, a Denver-based affiliate company of HZ.

The Boulders at Overland Park Apartments are located just 30 minutes from the state capital of Kansas City. Since 2000, over $6 billion of public and private projects have been completed in the metro area. The city’s constant population growth, developing transportation system, and solid economic fundamentals can all be credited for making the region a prime target for multifamily and business investment.

To learn more about the Boulders at Overland Park Apartments, please visit www.bouldersatoverlandpark.com.

________________________________________________________________________________________________

 

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 $3.3 billion in multifamily assets primarily in the Western, Southwestern, and Eastern U.S. The company currently owns and operates 83 properties (19,340 units) across 14 states. For additional information, visit www.hamiltonzanze.com.



February 15, 2019

Bay Area Investor Hamilton Zanze Sells Salt Lake-Area Apartment Community

Salt Lake City, UT – February 15, 2019 – Multifamily real estate investment firm Hamilton Zanze is pleased to announce the sale of the Overlook at Sunset Point Apartments in Layton, Utah, north of Salt Lake City. The deal closed on January 23, 2019.

The community, which includes 430 units across 169,168 square feet, was 93% occupied at the time of sale.

“Salt Lake City has great market fundamentals and continues to grow stronger,” said Ashlee Cabeal, Hamilton Zanze’s senior director of transactions. “Overlook is a true testament to our value-add expertise. We are elated with the outcome of Overlook and will look to grow our presence in Salt Lake City.”

The Overlook at Sunset Point community was built in 1985 at 2955 North 400 West, just 30 minutes from the Utah State Capitol. Hamilton Zanze purchased the property in 2008. The rental units range from studios to two-bedroom options and were renovated during Hamilton Zanze’s ownership to include updated black appliances, new cabinet fronts, resurfaced countertops, and faux wood flooring within select units. The community rests on a hilltop and offers views of the metro area and the nearby Great Salt Lake.

Located in Davis County, the community benefits from easy access to the region’s thriving economy and serves as a prime opportunity for value-add rental opportunities. Over 175,000 jobs lie within a 15-mile radius of the Overlook, and key industries clustered in the area include aerospace and defense, energy and natural resources, software, and healthcare. Davis County is also home to Hill Air Force Base and the Falcon Hill Aerospace Research Park, a $1.5 billion, 550-acre project that is one the largest private commercial project of its kind in Air Force history.


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 $3.8 billion in multifamily assets primarily in the Western, Southwestern, and Eastern U.S. The company currently owns and operates 83 properties (19,340 units) across 11 states. For additional information, visit www.hamiltonzanze.com.



January 29, 2019

Hamilton Zanze Completes Sale of The Pearl at Spring Creek in Albuquerque

Albuquerque, NM – January 29, 2019 – San Francisco-based real estate investment firm Hamilton Zanze (HZ) sold The Pearl at Spring Creek Apartments in Albuquerque, NM on December 19, 2018.

Pearl at Spring Creek Apartments is located just seven miles southeast of Downtown Albuquerque in the Siesta Hills neighborhood. Situated along Gibson Boulevard SE and Interstate 25, the property is near major retail, dining, entertainment and employment opportunities in the downtown area. HZ purchased the property in 2007.

Built in 1975, The Pearl at Spring Creek Apartments comprises 320 one- and two-bedroom units. HZ recorded an impressive occupancy rate of 95.8% at the time of the disposition, and a 4.8% increase in new lease rents during Q3 2018.

During its ownership, HZ added significant value to the property through a number of marketing initiatives, including a new website and targeting nearby University of New Mexico students to shift the demographics and strengthen occupancy. Unit renovations included balcony landing repairs and repainting, window and sliding glass door repairs, lighting enhancements, and redecoration of model units.

Forbes recently named Albuquerque as one of the top-100 U.S. cities for both Cost of Doing Business and Education. Albuquerque is centrally located in the New Mexico Technology Corridor, a concentration of high-tech private companies and government institutions along the Rio Grande. Favorable forecasts for rent and job growth provided HZ an opportune time to sell the property.

________________________________________________________________________________________________

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 $3.8 billion in multifamily assets primarily in the Western, Southwestern, and Eastern U.S. The company currently owns and operates 83 properties (19,340 units) across 13 states. For additional information, visit www.hamiltonzanze.com.



December 4, 2018

Bay Area Value-Add Investor Hamilton Zanze Celebrates Sale of 100th Multifamily Property

SAN FRANCISCO – December 4, 2019 – San Francisco-based real estate investment firm Hamilton Zanze (HZ) is pleased to announce the sale of its 100th multifamily property, Ventana Canyon Apartments in Albuquerque, New Mexico. The deal closed November 29th.

As a value-add real estate investment firm, HZ has been involved in the acquisition, improvement, and disposition of more than $3.5 billion worth of assets since its founding in 2001. HZ purchased a total of 182 properties in that time, with a different configuration of private and institutional investing partners behind each individual deal.

“With each new acquisition and each disposition, our team has built a highly strategic investment approach backed with a constant focus on foresight and location-based market analytics,” said Mark Hamilton, CEO and co-founder of Hamilton Zanze. “As we close out 2018 with this latest disposition, our one hundredth, I couldn’t be any prouder of the team of incredible minds we have working on behalf of our investors.”

Ventana Canyon Apartments was built in 1999 and comprises 264 apartment units. Hamilton Zanze owned the community for 11 years. During this time, the company added value by implementing several environmental sustainability upgrades, adding new exercise equipment and playgrounds, and tackling deferred maintenance issues such as roof repairs, pool re-plastering, retaining wall repairs.

With properties in 22 major metro areas and 13 states, the firm has amassed a broad knowledge of housing demands and insights into the multifamily market across different economic cycles.

Hamilton Zanze’s current portfolio includes 83 properties and nearly 20,000 housing units. To learn more about the company, please visit www.hamiltonzanze.com.

________________________________________________________________________________________________

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 $3.3 billion in multifamily assets primarily in the Western, Southwestern, and Eastern U.S. The company currently owns and operates 82 properties (19,428 units) across 13 states. For additional information, visit www.hamiltonzanze.com.



October 29, 2018

Hamilton Zanze Acquires Copper Mill Apartments in Virginia

RICHMOND, VA. – October 29, 2018 – San Francisco-based real estate investment firm Hamilton Zanze (HZ) has acquired the 192-unit Copper Mill Apartments in Richmond, Virginia, marking the firm’s fourth acquisition in the state. The purchase from seller JRK Property Holdings closed October 24.

The 158,568 square foot community was built in 1987 and reported a 99% occupancy rate in July 2018. Copper Mill is located at 3400 Copper Mill Trace in Richmond’s northwestern suburb of Henrico and offers a mix of one- and two-bedroom units. The site consists of 12 individual, garden-style buildings on 13.3 acres of land. Units range from 697 to 1,010 square feet.

“Copper Mill represented an opportunity to buy a well-located, value-add asset at a favorable cap rate,” said David Nelson, managing director of acquisitions for Hamilton Zanze. “We are excited to continue expanding our presence in the Richmond MSA and will continue to look for further opportunities this year.”

The community is adjacent to two small lakes and features robust natural amenities including a trail system, a shaded picnic area, and outdoor tennis and sand volleyball courts. A 24-hour fitness center and beautiful outdoor pool are also available to community residents.

HZ plans to execute a large-scale community improvement program that will include a broad renovation of 25% of the units to include stone counters, backsplashes, lighting fixtures, cabinet pulls, flooring, and replacement kitchen cabinets. An additional 50% of the units will receive a lighter renovation with resurfaced counters and the addition of new appliances and cabinet faces. The company will also add a dog park and additional enhancements to the community’s amenity package.

Property management responsibilities will be transitioned to Mission Rock Residential, HZ’s Denver-based affiliated company.

Copper Mill is conveniently located just 12 miles outside of Virginia’s capital city. The Richmond metropolitan area is continually recognized as a strategic center for commerce and innovation due to its low business costs, business-friendly climate, and well-educated workforce. To learn more about the Copper Mill Apartments, please visit www.missionrockresidential.com/apartments/va/richmond/copper-mill.

________________________________________________________________________________________________

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 $3.3 billion in multifamily assets primarily in the Western, Southwestern, and Eastern U.S. The company currently owns and operates 82 properties (19,428 units) across 13 states. For additional information, visit www.hamiltonzanze.com.



October 14, 2018

Hamilton Zanze Acquires Keystone Apartments in Denver Metro

DENVER – October 12, 2018 – Real estate investment firm Hamilton Zanze (HZ) has acquired 208-unit Keystone Apartments in Northglenn, Colorado. The $39.5 million purchase closed October 11th. ARA, A Newmark Company represented the seller – Aukum Group – in the transaction.

Built in 1986, Keystone Apartments is located at 12150 Race Street in Northglenn, a suburban market just 15 minutes north of Downtown Denver and 20 minutes southeast of Downtown Boulder. The property is just one mile west from the planned 124th Avenue/Eastlake light rail station, which is scheduled to open in 2019.

“Keystone Apartments presented an opportunity to buy a well-located, light value-add deal,” said David Nelson, managing director of acquisitions for Hamilton Zanze. “We love the Northglenn submarket and are excited about continuing our expansion in the Denver metro area.”

The community received extensive upgrades in recent years and is a unique, modern living option in Denver’s Northglenn submarket. The property’s 157,004 net rentable square feet includes one- and two-bedroom unit floorplans, with an emphasis on one-bedroom units. Community amenities include mountain views, a resident clubhouse, a fitness center and indoor multi-sport court, a pool, and outdoor barbecue areas. The apartment units feature vaulted ceilings, walk-in closets, private balconies and patios, and stainless-steel appliances.

HZ plans to expand the community’s amenity package by adding a dog park, upgrading fitness equipment, improving landscaping, and potentially updating the athletic facilities. Unit interiors will be upgraded with new countertops, fixtures, cabinet pulls, and flooring. Property management responsibilities will be transitioned to Mission Rock Residential, HZ’s affiliated, Denver-based property manager.

The Denver metropolitan area is continually recognized for its labor force quality and low cost of doing business, which makes it an attractive market for relocating companies. Northglenn is located in Denver’s Adams County, the fifth most populous county in Colorado. Adams County boasts a diverse industry mix of aerospace, energy, healthcare, logistics and transportation, manufacturing, and wholesale trade. Keystone is also in close proximity to a new 2.4 million square foot Amazon fulfillment center, which is expected to add 1,500 new jobs to the market. To learn more about the Keystone Apartments, please visit www.rentkeystoneapartments.com.

________________________________________________________________________________________________

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 $3.6 billion in multifamily assets primarily in the Western, Southwestern, and Eastern U.S. The company currently owns and operates 81 properties (19,220 units) across 13 states. For additional information, visit www.hamiltonzanze.com.



September 24, 2018

Hamilton Zanze Purchased The Quarters at Towson Town Center in Second Joint Venture With Cantor Fitzgerald

BALTIMORE – September 24, 2018 – Real estate investment firm Hamilton Zanze (HZ), in partnership with Cantor Fitzgerald, L.P., (“Cantor Fitzgerald”), recently acquired The Quarters at Towson Town Center residential community in Towson, Maryland. The purchase price was $100 million.

The 430-unit community was built in 2009 on just under six acres of land and had a 94% occupancy rate as of July. This is HZ’s second acquisition in Maryland, and, along with recent acquisitions in Virginia and Connecticut, signals the company’s strong expansion of investment in the East Coast region.

“The Quarters at Towson Town Center fits our investment criteria perfectly — a large asset above a 5% cap rate in a growing market,” said David Nelson, managing director of acquisitions for Hamilton Zanze. “We look forward to continuing to acquire high-quality real estate at good capitalization rates in the Mid-Atlantic and throughout the country in the second half of the year.”

Ken Carpenter, managing director for Cantor Fitzgerald, added, “This is our second acquisition with Hamilton Zanze this year. Our combined real estate investing experience creates synergies that support our goal of investing in high-quality properties, in strong markets, at favorable cap rates.”

The Quarters at Towson Town Center is located at 960 Southerly Road in Towson, a suburban market just 10 miles north of Downtown Baltimore. The community is designed with a highly urban, walkable approach to align with the greater Towson Town Center’s design. Its 477,939 net rentable square feet comprises one-, two-, and three-bedroom units, with a heavy emphasis on two-bedroom units. Community amenities include a resident clubhouse, fitness center, business center, theatre room, pool, and large outdoor courtyards.

HZ and Cantor Fitzgerald plan to expand The Quarters’ amenity package and will execute improvements on a number of deferred maintenance items, investing in the long-term value of the community. Property management responsibilities will be transitioned to Mission Rock Residential, HZ’s Denver-based affiliate company.

The Quarters is located in the Baltimore metro area, Maryland’s second-largest job center and the largest U.S. seaport in the Mid-Atlantic. Baltimore is closer to the major Midwestern markets than any other major seaport on the East Coast, and more than 60 federal agencies and research labs are located within 30 miles of the city, bringing substantial federal spending and jobs to the area.

To learn more about the Quarters at Towson Town Center, please visit http://www.quarterstowson.com/

________________________________________________________________________________________________

ABOUT HAMILTON ZANZE
Hamilton Zanze (HZ) is a private, San Francisco-based real estate investment firm that owns and operates apartment communities. Since its founding in 2001, Hamilton Zanze has acquired over $3 billion in multifamily assets primarily in the Western, Southwestern, and Eastern U.S. The company currently owns and operates 83 properties (19,304 units) across 13 states. For additional information, visit www.hamiltonzanze.com.



September 22, 2018

Hamilton Zanze Acquires Westminster’s Environs Residential Rental Community

DENVER – August 17, 2018 – Real estate investment firm Hamilton Zanze (HZ) has acquired Environs Residential Rental Community in Westminster, Colorado. The $82 million purchase closed August 31st.

The unique community is spread across 33 acres of land and had a most recent occupancy rate of 92% at the time of sale. Offering 318 rental units, the community is a mix of market-rate single-family houses, patio homes, townhomes, and condominiums. The purchase brings the firm’s total Colorado portfolio to 15 properties, with nine of those in the Metro Denver area.

“Environs presented an opportunity to buy a great asset in a strong submarket,” said David Nelson, managing director of acquisitions for Hamilton Zanze. “With all of the demand for single family homes today, we believe this property’s unique mix of condominiums, townhomes, patio homes, and houses will appeal to a wide renter pool around the region.”

Built in 1984, Environs Residential Rental Community is located at 3323 W 96th Circle in Westminster. The community is designed around a lush landscape, with easy walkability in mind. Its 383,653 net leasable square feet includes numerous amenities including an updated clubhouse, a 24-7 fitness center, two pools, a basketball court, and outdoor barbecue areas.

HZ purchased the property from Seagate Colorado Partners, LLC, who owned it for three years. Select units have been upgraded with black or stainless-steel appliances, new cabinetry, new lighting packages, refinished countertops, and new vinyl plank flooring. HZ plans to undertake similar upgrades to the remaining 119 units. Property management responsibilities will be transitioned to Mission Rock Residential, HZ’s Denver-based affiliate.

The Metro Denver market is home to one of the nation’s most educated workforces and a diverse industry mix that include the aerospace, healthcare, technology, and manufacturing sectors. Westminster, a northwest suburb of Denver just 10 miles from the Colorado State Capitol, is the seventh most populous city in Colorado. The community is located along the U.S. 36 Tech Corridor and is well-positioned to attract both the Denver and Boulder workforce populations.

________________________________________________________________________________________________

ABOUT HAMILTON ZANZE
Hamilton Zanze (HZ) is a private, San Francisco-based real estate investment firm that owns and operates apartment communities. Since its founding in 2001, Hamilton Zanze has acquired over $3 billion in multifamily assets primarily in the Western, Southwestern, and Eastern U.S. The company currently owns and operates 83 properties (19,304 units) across 13 states. For additional information, visit www.hamiltonzanze.com.



September 6, 2018

Hamilton Zanze Sells Edgewood Park Apartments in Salt Lake City

Salt Lake City, UT – September 6, 2018 – San Francisco-based real estate investment firm Hamilton Zanze (HZ) sold Edgewood Park Apartments in Salt Lake City, Utah to Los Angeles-based ARB Investments.

Edgewood Park Apartments is located 13 miles south of Salt Lake City in the Cottonwood Heights district. Situated along I-215, the property is located near major retail, dining, entertainment and employment centers. HZ purchased the property in 2011.

Built in 1994, Edgewood Park Apartments comprises 64 one- and two-bedroom units, totaling 62,928 rentable square feet. HZ recorded an impressive occupancy rate of 100% at the time of the disposition due to significant enhancements and improved market conditions during the time of ownership.

“Edgewood is our seventh Utah disposition in the last 36 months,” said Ashlee Cabeal, HZ’s senior director of dispositions. “We are proud to have been able to capitalize on the strong Salt Lake City market in recent years, achieving a great outcome for our investors.”

During its ownership, HZ added significant value to the property through unit renovations, which included new flooring, two-tone paint, new kitchen and bath lighting fixtures, resurfaced countertops, and new blinds. Select units were enhanced with painted cabinetry, upgraded appliances and new doors.

Salt Lake City was recently named one of the 50 best U.S. cities to live in by Business Insider for its variety of outdoor activities and tremendous economic growth. The state had one of the fastest-growing and most diverse economies in the nation in 2017, supported by a net in-migration of over 100,000 people in the last four years. Strong market conditions and favorable forecasts for population and job growth provided HZ an opportune time to sell the property.

________________________________________________________________________________________________

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 $3.2 billion in multifamily assets primarily in the Western, Southwestern, and Eastern U.S. The company currently owns and operates 83 properties (19,304 units) across 13 states. For additional information, visit www.hamiltonzanze.com.