Hamilton Zanze Acquires Atlanta-Area Community
- Aug 17, 2021
Hamilton Zanze has added another community to its Atlanta-area multifamily portfolio, which now totals six properties. The company has acquired 45Eighty Dunwoody Apartment Homes from FPA Multifamily LLC for an undisclosed price.
Cushman & Wakefield represented the seller in the transaction, which initially acquired the property for nearly $30 million in October 2017, according to Yardi Matrix data.
Built in 1990, the 204-unit community offers one-, two- and three-bedroom units that average 946 square feet. David Nelson, Hamilton Zanze’s chief transactions officer, told Multi-Housing News that FPA Multifamily gradually renovated the unit interiors with quartz countertops, stainless steel appliances, washers and dryers, smart thermostats, hardwood floors, large closets and private patios or balconies. The community was also built with a pool, fitness center, clubhouse, business center and package room.
Located at 4580 Barclay Drive in Dunwoody, Ga., residents have access to downtown Atlanta and the area’s employers through the nearby State Route 400 and Interstate 285N. Nelson said in prepared remarks that the Dunwoody area has attracted residents due to its strong schools, nearby outdoor recreation and proximity to employers. The area is also home to Perimeter College at Georgia State University, the corporate headquarters of InterContinental Hotels and the offices of the Atlanta Journal-Constitution.
According to Hamilton Zanze, the community was 96 percent occupied at the time of purchase. The new ownership also tapped its residential management affiliate, Mission Rock Residential, to manage the property.
CONTINUING THE CAPITAL IMPROVEMENTS
Nelson told MHN that Hamilton Zanze will continue the unit interior renovation campaign as individual units become available. Nelson also told MHN that the company has some updates planned for the common areas and landscaping elements.
Hamilton Zanze also pursued a similar capital improvements plan with the Lodge on the Chattahoochee, a 312-unit community in Sandy Springs, Ga., that was acquired in January 2020. Outside Georgia, the company also owns communities in several other states including Washington, Idaho, Nevada, Arizona, Colorado, Texas, Kansas, Missouri, Tennessee, Virginia and Maryland. In March, the company also tapped Mission Rock Residential to manage a 145-unit community in the Portland area.