Hamilton Zanze Buys Virginia Community for $66M
- Sep 10, 2019
Real estate investment firm Hamilton Zanze has expanded its presence in the Washington, D.C. area by acquiring a 238-unit community in Alexandria, Va. Klingbeil Capital Management sold the property, Abbotts Run, which is located at 5711 Woodlawn Gable Drive. The asset changed hands for $66 million, according to Yardi Matrix.
In tandem with the acquisition, Mission Rock Residential has taken over property management of the 10-building community, making the company’s first such deal in the D.C. area, and its sixth in Virginia. Built in 1988, Abbotts Run provides a mix of one- and two-bedroom units ranging in size from 693 to 1,352 square feet. Select units have loft-style layouts.
Most of the units have been renovated by the seller, and HZ plans to renovate the 17 remaining units, while updating the community’s clubhouse space and outdoor lighting. Community amenities include a swimming pool, fitness center, clubhouse and game room, private car washing station and various athletic courts. The pet-friendly property, located roughly 12 miles south of the nation’s capital, is also within walking distance of the Grist Mill Dog Park.
HZ, which has acquired more than $3.9 billion in multifamily assets across the U.S., currently owns and operates 81 properties totaling nearly 20,000 units. The company built on its D.C.-area portfolio in July by snapping up a 204-unit community in Frederick, Md., for $38.5 million.