Hamilton Zanze Expands DC-Area Portfolio
- Nov 13, 2019
Hamilton Zanze has acquired Oasis at Montclair Apartments, a 244-unit apartment community in Dumfries, Va. According to county records, the sale price was $64.3 million and JLL provided $44.1 million in Freddie Mac financing for the acquisition.
Located at 16500 Stedham Circle, Oasis is more than 30 miles away from the Washington, D.C. area and 28 miles away from the coming Amazon HQ2 in Crystal City, Va. Built in 2014, the apartment community offers one-, two- and three-bedroom units with an average of 1,016 square feet. The modern units are equipped with climate control, dishwashers, garbage disposals and in-unit washers and dryers.
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Building amenities include a fitness center, car wash, coffee bar, dog park, internet cafe, theater room, resident clubhouse, poolside cabanas with gas grills, saltwater pool, yoga room, library and outdoor fireplace with a TV. The apartments have attracted plenty of tenants as Oasis was at an approximately 96 percent occupancy rate, according to David Nelson, managing director of transactions at Hamilton Zanze.
The new owners will renovate 219 of the 244 units by installing vinyl plank flooring, stainless-steel appliances, new lighting and smart home technology. Nelson told Multi-Housing News that the remaining 25 units were already renovated. Besides the units, Hamilton Zanze will also be conducting light renovations on the amenities, replace the theater room and outdoor workout area and reevaluate some of the other common area amenities, Nelson told MHN.
Mission Rock Residential, the property management affiliate of Hamilton Zanze, will take over the management responsibilities similar to previous property acquisitions. In September, the company also purchased another Washington, D.C. area apartment community with 238 units in Alexandria, Va., for $66 million.
CASHING IN ON THE CAPITOL
Nelson explained that Northern Virginia is experiencing a good amount of growth and their latest purchase of Oasis was strategically located to serve that growing market. Nelson told MHN that Hamilton Zanze has been specifically targeting the D.C. metro area because they see it as a dynamic market that produces strong yields for its investors.
Oasis is also located roughly 30 minutes away from Amazon’s coming HQ2 in Crystal City, Va. The tech giant filed its development plans in May and is expected to build its second massive corporate headquarters that spans 2.1 million square feet and would accommodate 25,000 employees.