TUCSON, AZ-Hamilton Zanze & Co. has entered the localapartment market in a big way: the San Francisco-based firmpurchased a seven-property, 1,566-unit portfolio for $46.5 million.This acquisition represents the firm’s largest acquisition thisyear and increases the company’s portfolio to 14,000 units infourteen markets and eight Western states including 737 units inmetro Phoenix.

The class B portfolio includes Palomino Crossing (240 units),Lakeside Casitas (310 units), Hampton Park (160 units), CordovaVillage (322 units), Solano Springs (152 units), San Mateo (254units), and Highland Woods (128 units). The portfolio was placedinto receivership in October 2009, and one asset, PalominoCrossing, was foreclosed by the lender during the salesprocess.

“These properties are the nicest class B assets in the submarketgiven the extensive renovations that were done in 2007 and 2008,”says Brad Cooke of Colliers International’s Phoenix office. He andCindy Cooke brokered the deal on behalf of the lender.