Shortly after purchasing two multifamily properties in Maryland, Hamilton Zanze has acquired Indigo 19, a 196-unit luxury community in Virginia Beach, Va. According to Yardi Matrix data, the seller was Spy Rock Real Estate Group.
Spy Rock had partnered with Harmony Investments to develop the Class A asset in 2013. Wells Fargo provided $23.2 million in construction financing for the project, Yardi Matrix shows.
Located on 3.4 acres at 1940 Pavilion Drive, the four-story community has one- to three-bedroom floorplans averaging 931 square feet. Amenities include a pool, grilling stations, a two-story clubhouse, a fitness center, a business center and two courtyards. The asset was 95 occupied at the time of sale.
The new owner has selected Mission Rock Residential to oversee property management and implement capital improvements at the community. Targeted upgrades include roof repairs, fire and life safety improvements, HVAC maintenance and sustainability initiatives, as well as minor unit renovations.
Indigo 19 is adjacent to Interstate 264, next to the Virginia Beach Convention Center. The property is less than 2 miles west of the oceanfront boardwalk, the city center and its numerous shops and restaurants located along Pacific Avenue.