Hamilton Zanze Sells Fort Worth Luxury Apartments
The sale followed an extensive campaign of capital improvements.
Hamilton Zanze has completed its sale of 4000 Hulen Apartments, a three-building luxury apartment community in Fort Worth, Texas. The firm sold the property following six years of ownership where it conducted a number of value-add renovations to the property’s interior and exterior.
The 240-unit property, located at 4000 Hulen St., was built by Gunn and Partners in 2015. The developer sold the community to Hamilton Zanze in 2017 for $32.6 million, according to Yardi Matrix data. The sale was subject to a $24.5 million loan provided by Manufacturers and Traders Trust Co. Following the purchase, the owner undertook several improvements to the community, including changes to the apartments’ interior materials, appliances and hardware fixtures, as well as to amenity spaces. Mission Rock Residential, a longtime affiliate of Hamilton Zanze, currently oversees the community’s management.
The community is sectioned into one-, two- and three-bedroom homes averaging 886 square feet, Yardi Matrix data shows. Units include plank flooring, tile backsplashes and attached washers and dryers, with select homes featuring private balconies and patios. Upgraded amenity offerings include a swimming pool, fitness center, business center, clubhouse and private parking spaces.
Located within four miles of downtown Fort Worth, residents have quick access to the city’s largest employers, including Texas Christian University, as well as to numerous public parks and commercial offerings. On-ramps to Interstates 20 and 30 offer access to highway connections.
Acquisitions and improvements
The sale of 4000 Hulen represents the latest property where the seller has purchased a market rate, luxury property with the goal of conducting capital improvements to enhance quality of life, occupancy rates and resale value. Hamilton Zanze has had similar projects in Arizona, Connecticut, Idaho and Colorado.
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The firm has been particularly active in the Phoenix market, with its March purchase of Springs at Deer Valley, a 296-unit community, which followed the November 2022 acquisition of Crestone at Shadow Mountain, a 248-unit property. Hamilton Zanze is planning a list of similar upgrades to both communities, with the latter getting further improvements to its electrical, plumbing and HVAC systems.