Hamilton Zanze Makes First MD Buy
The company acquired the 404-unit Kingscrest Apartments in Frederick for $64.3 million and plans to invest $4.2 million to renovate it.
Hamilton Zanze has purchased Kingscrest Apartments, a 404-unit community in Frederick, Md., for $64.3 million. Transwestern Mid-Atlantic Multifamily Group brokered the transaction, while Mission Rock Residential will be managing the property. The deal comes after the company recently expanded its Denver footprint with the acquisition of the 216-unit Willow Run Village for $50 million.
Spreading across a 25-acre site, the 20-building community is 93 percent occupied, according to Yardi Matrix. Built between 1990 and 1992, the 356,632-square foot property is located at 6959 Castle Court and comprises a mix of one- and two-bedroom units.
Interior amenities offer patios or balconies, walk-in closets, recessed lighting fixtures, vaulted ceilings, fireplaces, dual-pane glass windows, washers and dryers. Common-area amenities include:
- clubhouse and business center
- fitness center
- swimming pool
- dog park
- barbeque area
- tennis and volleyball courts
- 826 parking spaces
- free Wi-Fi
- on-site car-care center
The company will also implement a $4.2 million renovation project at Kingscrest. Improvements will include an expansion of the dog park and more than $10,000 worth of interior upgrades to each unit such as the addition of stainless-steel appliances, new fixtures and lighting as well as new countertops.
The property offers easy access to New Design Road, Corporate Drive and the Washington National Pike. Ballenger Creek Elementary, Kingsbrook Crossing, Ballenger Creek Middle School, Tuscarora High School, Regal Cinemas Westview 16 & IMAX, Cracker Barrel Old Country Store and Crestwood Plaza are all located nearby.
“Kingscrest is a true value-add opportunity in a great submarket, allowing us to further expand our growing presence on the East Coast,” said David Nelson, managing director of acquisitions at Hamilton Zanze, in a prepared statement.
Hamilton Zanze has also made recent acquisitions in Virginia and Connecticut, as part of its expansion into the Northeast.
Photo courtesy of Yardi Matrix