Hamilton Zanze Buys Salt Lake City Community
The company plans to upgrade the 256-unit property that it purchased from Peak Capital Partners in an off-market transaction. Mission Rock Residential will manage the property.
Meadowbrook Station, Salt Lake City
Hamilton Zanze (HZ) has acquired Meadowbrook Station, a 256-unit community in Salt Lake City, from Peak Capital Partners. Peak Capital purchased the property from Advent Property Advisors for $29.8 million in 2012. Hamilton Zanze plans to upgrade the Class B+ community, which was built in 2010.
Located at 3994 South Howick St., the property is within walking distance of a TRAX light rail station, providing easy access to downtown Salt Lake City, the University of Utah and major retail and employment centers. The property offers one and two-bedroom accommodations in two, three and four-story buildings. Community amenities include a pool and hot tub, dog park, underground parking and a fitness center. Planned capital improvements include green initiatives to reduce water consumption. According to Yardi Matrix, the property had a 99.6 percent occupancy rate as of last month.
HZ has acquired 17 properties and sold 22 others in the last 12 months, bringing its portfolio to 85 apartment communities totaling 18,063 units. Mission Rock Residential is the property manager of Meadowbrook Station, and continues to accelerate its growth in 2017. The firm recently added 1,044 units in Colorado, Arizona and Nevada to its management portfolio.
Image courtesy of Mission Rock Residential
