TODAY’S DEALS: Hamilton Zanze Grabs Fifth Community in Portland MSA
Hamilton Zanze acquires a 210-unit asset for $22 million; Federal Capital Partners provides Kane Realty Corp. with mezzanine financing for a Raleigh, N.C., development; and a Detroit apartment property sells for $2.5 million.
Durham, Ore.—San Francisco-based investor Hamilton Zanze has expanded its portfolio with the $22 million acquisition of Tualatin View, a 210-unit, Class B asset located in Durham, Ore. The transaction brings the firm’s Portland-area holdings to five communities. A location within commuting distance to employers like Adidas, Nike and Intel certainly played into the acquisition. Hamilton Zanze has plans to implement $3.4 million in capital improvements at the 1993-built asset.
Durham is located 12 miles south of Portland. The community was 96 percent leased at the time of sale. Over the past 12 months Hamilton Zanze has purchased 14 multifamily assets valued at more than $297 million. The firm now owns and operates 82 properties with 17,023 units.
FCP provides Kane with mezz financing
Raleigh, N.C.—Federal Capital Partners has closed a $4.75 million mezzanine loan for Kane Realty Corp.’s 104 Dartmouth development in Raleigh, N.C. The 171-unit project is located within the 2 million-square-foot North Hills mixed-use development.
The community will consist of five residential levels above a two-level parking deck. Amenities include a clubroom with billiards, a poker lounge, business center, saltwater pool, fitness center, demonstration kitchen, bike storage, pet grooming, gated parking and electric vehicle charging. Completion is scheduled for 2016.
Detroit apartment property sells for $2.5M
Farmington Hills, Mich.—Commercial Property Advisors announced the sale of Glen Cove Apartments in Detroit.
Glen Cove I LLC closed on Glen Cove Apartments, a 108 unit multifamily apartment community on April 3, 2015 with the assistance of Cary Belovicz from Commercial Property Advisors who brokered the deal on behalf of a private seller. Glen Cove Apartments sold for $2.5 million, or $23,148 / Unit.
Built in 1974, Glen Cove Apartments offers one and two bedroom apartment homes in a very well-maintained apartment community.
Glen Cove is centrally located off Telegraph Road along the western boundary of Detroit and neighboring Dearborn Heights, Redford, Southfield and Livonia. Telegraph Road and I-96 provide Glen Cove residents direct access to Downtown Detroit “just 7 miles,” and other major cities and employers.
The property is located just east off Telegraph and two blocks south of I-96. Located directly to the south of Glen Cove is one of the area’s major employers, Detroit Diesel a leading manufacturer of heavy duty engines. In addition, Glen Cove is within 15 miles of many of the automotive related companies.
