Hamilton Zanze Acquires Baltimore-Area Community
Cushman & Wakefield represented both the buyer and seller in the deal.
Residences at Waterstone. Image courtesy of Hamilton Zanze
Hamilton Zanze is continuing to expand its portfolio in the Baltimore metro with its acquisition of a 255-unit community in Pikesville, Md. The company partnered with DCA Partners to acquire Residences at Waterstone from an undisclosed seller. Cushman & Wakefield represented both the buyer and seller on the transaction.
Located at 225 Galvariun Court, Residences at Waterstone was built in 2002 as a community of two-story loft-style homes. The one-, two- and three-bedroom units average 1,453 square feet and were built with in-unit washer and dryers, attached garages, and a private balcony or patio. The community’s amenities include a clubhouse, business center, fitness center, theater, swimming pool, playground, tennis court, dog park, conference room and barbecue grills. Dave Nelson, CIO for Hamilton Zanze told Multi-Housing News that Residences at Waterstone was 96 percent occupied, but 98 percent leased at closing.
The new ownership is planning to conduct a series of capital improvements including site improvements, building repairs, amenity improvements and sustainability updates. Hamilton Zanze will also continue the unit renovation campaign that was started by the seller. The seller renovated approximately 120 units and Hamilton Zanze is looking to renovate approximately 50 more with solid surface countertops, stainless steel appliances and vinyl flooring, Nelson told MHN. The new ownership also put Mission Rock Residential, an affiliate of Hamilton Zanze, in charge of managing the property.
BUILDING UP A SOLID BALTIMORE PORTFOLIO
Following the acquisition of Residences at Waterstone, Hamilton Zanze is now up to its 13th acquisition in Maryland. The company also recently acquired the 304-unit Jefferson Square in Baltimore, making for its fifth community in the metro. Hamilton Zanze’s Baltimore metro portfolio also includes Arbor Ridge, Point at Winterset, Preserve at Cradlerock and Timbers at Long Reach.
Beyond the state of Maryland, Hamilton Zanze recently invested heavily into California. Partnering with Graham Street Realty and Davidson Kempner Capital Management, the company acquired a mixed-use portfolio with 935 multifamily units and several office buildings for $436.5 million in December.
