Firm Completed Several Upgrades in Five-Year Ownership of Virginia Beach Community
SAN FRANCISCO, Oct. 1, 2024 /PRNewswire/ — Hamilton Zanze, a leading San Francisco-based multifamily real estate investment firm, announced today that it has sold Maple Bay Townhomes, a 414-unit apartment community in Virginia Beach, Va. The firm sponsored the acquisition of the property in 2019 and, after instituting a comprehensive capital improvement program, closed the sale on Sept. 25.
Hamilton Zanze’s renovation efforts included roof replacements, the repainting of building exteriors and upgrades to the apartment homes, pool area and other common-area amenities.
Amenities at Maple Bay Townhomes include a swimming pool and spa, splash pad, resident clubhouse, fitness room, onsite dog park and car wash station.
“We are very pleased with the disposition of Maple Bay,” said Anthony Ly, Senior Director of Transactions at Hamilton Zanze. “Through our business plan and our commitment to creating outstanding resident experiences, we were able to increase net operating income by 35% at the property. It is hard to close transactions in today’s market, but through our extensive relationships with brokers and sponsors across the industry, we were able to successfully execute this disposition.”
Situated at 356 S Chesire Court, Maple Bay was built in 1971 and features one-, two- and three-bedroom townhomes ranging from 1,000 to 1,400 square feet. The community sits in the northeast portion of Virginia Beach, less than five miles from the shore, and boasts a commuter-friendly location, with prime access to key thoroughfares such as Interstate 264, Virginia Beach Boulevard and First Colonial Road. Residents are also surrounded by an abundance of shopping, dining and entertainment options.
Community amenities at Maple Bay include a swimming pool and spa, splash pad, resident clubhouse, fitness room, onsite dog park, car wash station, playground, dedicated garage parking, package lockers and available extra storage space. Apartment interiors include oversized windows, modern finishes, crown molding, black appliances, in-home washers and dryers, central air conditioning and private patios or balconies.
The sale represents Hamilton Zanze’s third disposition in 2024. The firm has sold more than $4 billion in multifamily properties since its founding in 2001.
About Hamilton Zanze Hamilton Zanze is a private, San Francisco-based real estate investment company that invests with the highest standards. Since its founding in 2001, Hamilton Zanze has sponsored the acquisition of over $6.9 billion in multifamily assets primarily in the Western, Southwestern and Eastern U.S. The company’s portfolio currently comprises 123 properties 21,451 units across 28 markets. For additional information, visit www.hamiltonzanze.com.
SOURCE Hamilton Zanze & Company
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