Hamilton Zanze has purchased The Lodge on the Chattahoochee, a 312-unit community in suburban Atlanta. The asset is part of a three-property disposition from Aimco, which also includes 376 units in Columbia, Md.
Built in 1973, the 34-building community comprises one-, two- and three-bedroom apartments. The units feature wood-style flooring, private balconies, walk-in closets and attached garages. Common-area amenities include a fitness center, clubhouse and tennis court. Hamilton Zanze plans to improve the interiors and outdoor amenities. The new owner appointed Mission Rock Residential to handle property management at The Lodge, which was 98 percent occupied at the time of the deal.
Located on 24 acres at 9401 Roberts Drive in Sandy Springs, Ga., the property is 20 miles north of downtown Atlanta. The surrounding area has various shopping and dining options, including Mansell Crossing, which is 5 miles from The Lodge.
In November, Hamilton Zanze acquired a 244-unit community in Dumfries, Va., for nearly $65 million. JLL provided a $44.1 million acquisition loan from Freddie Mac.