X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

EL PASO, TX-Hamilton Zanze & Co. made its first El Paso buy, snagging the 248-unit Ryan’s Mill Apartments and the 180-unit Spring Park Apartments in an off-market transaction. The assets were valued at $22.5 million, though a sales price was not released.

According to Winston Black, senior investment advisor with Hendricks & Partners’ Colorado Springs, CO office, seller William T. Doogan of Denver, CO wanted to sell the class B complexes quietly, rather than going through a formal listing. “I’d sold Spring Park to Doogan a number of years ago and I’m active in El Paso,” says Black, who brought Hamilton Zanze to the table and negotiated the transaction.

Black tells GlobeSt.com that the new owner will spend a little money for interior and exterior cosmetic changes. “Both properties are doing extremely well,” he adds. “They’ll just want to take this to the next level.”

He says Hamilton Zanze is interested in acquiring more multifamily assets in the El Paso market, though nothing is under contract right now. The company’s Web site says the area is an investment target due to its good market fundamentals and trade activity with Mexico.

Ryan’s Mill Apartments at 601 S. Mesa Hills Dr. has one- and two-bedroom units ranging from 543 sf to 1,063 sf. Rents for the mid-1980s complex are between $500 and $800 per month. Spring Park Apartments, built in 1990, is at 9535 Acer Ave. has one-, two- and three bedroom units. Sizes are between 593 sf and 1,036 sf. The monthly rent average is $625.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. APARTMENTS SPRING 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.