Hamilton Zanze Acquires Two Multifamily Assets
The apartment communities, obtained from Aimco, comprise 376 units in Columbia, Maryland.
COLUMBIA, MD – Hamilton Zanze has purchased two multifamily assets in Columbia, Maryland, from Aimco.
The two garden-style apartment communities comprise Timbers at Long Reach and the Chimneys of Cradlerock.
Located near Interstate 95, the Timbers at Long Reach features 178 residential units; 98% of which were occupied at the time of the purchase. The Chimneys of Cradlerock, located near US Route 29 and Maryland Route 32, offers 198 units and was 95% occupied at the time of the purchase.
The properties, each constructed in 1979, feature dog parks, package lockers and on-site walking paths, with units offering washers, dryers, walk-in closets and private balconies.
Hamilton Zanze plans to implement capital improvement plans at both properties, including exterior improvements and interior unit renovations. The firm will execute additional security system and amenity upgrades to the Chimneys of Cradlerock.
Hamilton Zanze’s affiliate, Mission Rock Residential will manage both properties.
The transaction, which closed on December 31, 2019, expands Hamilton Zanze’s East Coast presence. The firm now owns and operates six residential apartment communities within the Washington DC metro area.
The firm aims to capitalize on Howard County’s revitalization plan, which includes the addition of a 14-million-square-foot mixed-use development, and is expected to bring more than 31,000 new jobs and $6.1 billion in economic activity to the market.
Founded in 2001, Hamilton Zanze is a San Francisco-based real estate investment firm. The company has acquired more than $4.3 billion in multifamily assets since launching, and currently owns and operates 83 properties totaling 19,958 units throughout 15 states.