Hamilton Zanze Buys DC-Area Community
The real estate investment firm has acquired The Reserve at Ballenger Creek Apartments, a 204-unit asset in Frederick, Md. Mission Rock Residential has taken over property management.
Hamilton Zanze (HZ) has acquired The Reserve at Ballenger Creek Apartments, a 204-unit community in the Washington, D.C., suburb of Frederick, Md. HZ affiliate Mission Rock Residential has taken over property management responsibilities for the eight-building property at 607 Windview Way.
Details of the transaction have not been disclosed but according to Yardi Matrix records, the asset was previously owned by Shelter Group, which changed its name to Brightview Senior Living last year. The community was previously managed by Paradigm Management.
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Built in 2000, the property is located in the Ballenger Creek unincorporated community just south of Frederick proper. The site is nearby Interstates 70 and 270, with direct access to the nation’s capital, and large employers in the area include Leidos Biomedical Research, Frederick Regional Health System and Fort Detrick.
The property’s units, ranging in size from one to three bedrooms and from 750 to 1,150 square feet, are equipped with private balconies or patio areas. Select units already have open kitchen layouts, vaulted ceilings and walk-in pantry closets.
Community amenities include a clubhouse, fitness center, car care center and dog park as well as landscaped courtyards and playgrounds. HZ plans to renovate units, adding high-end finishes such as quartz countertops, as well as making exterior improvements across all the buildings. The company will also install a package locker system.
HZ notched its first Maryland purchase by scooping up another community in the Ballenger Creek area, paying $64.3 million for the 404-unit Kingscrest Apartments. The company, which specializes in owning and operating apartment assets, more recently purchased a townhome community with 414 units in Virginia Beach, Va., for $68.9 million.