Hamilton Zanze Grows Arizona Footprint
The firm acquired a 296-unit community in Phoenix.
Hamilton Zanze has acquired Springs at Deer Valley, a 296-unit multifamily community in Phoenix, and renamed it as Ironwood at Happy Valley. The previous owner was Continental Properties, according to Yardi Matrix. The same data provider shows that, in 2022, the asset became subject to a $56.2 million bridge loan originated by BMO Harris Bank.
This purchase brought HZ’s current Arizona portfolio to seven communities. In another recent deal, the firm had acquired a 248-unit property in metro Phoenix.
Completed in 2021, Ironwood at Happy Valley encompasses 12 two-story buildings which incorporate studio, one-, two- and three-bedroom floorplans ranging from 553 to 1,436 square feet. Apartments feature in-unit washers and dryers, walk-in closets and private balconies or patios. Common-area amenities include a 24-hour fitness center, clubhouse, swimming pool, pet park and on-site car maintenance center, along with 516 parking spaces.
HZ intends to implement a capital improvements program at the property, targeting building, amenity and green upgrades. Mission Rock Residential will manage the community going forward.
Located at 24025 N. 23rd Ave., the 22-acre property is east of Interstate 17, roughly 20 miles north of downtown Phoenix. It is also less than 1 mile from the Happy Valley Towne Center shopping mall as well as other retail and entertainment options. The $12 billion Taiwan Semiconductor Manufacturing Co. campus is some 8 miles away.
Walker & Dunlop’s investment sales team, led by Dan Woodward, David Potarf, Matt Barnett and Jake Young, represented the seller and procured the buyer.