Hamilton Zanze purchased the Copper Mill apartments in Henrico County for $33 million. (CBRE | Richmond)
A California investment company is staking a claim for its second local apartment complex, this time in Henrico County.
Hamilton Zanze, a San Francisco-based multifamily investment firm, purchased the 192-unit Copper Mill apartments at 3400 Copper Mill Trace for $33 million in a deal that closed Oct. 24, according to county real estate records.
The seller was Copper Mill Apartments LLC, a collection of owners based in Northern Virginia that purchased the property in 2008 for $14.6 million. The latest county assessment valued the 13.4-acre property at $21.5 million.
The seller was represented in the transaction by CBRE’s multifamily team out of its Richmond and Washington, D.C. offices. CBRE | Richmond’s Charles Wentworth and Peyton Cox worked the deal locally.
This is Hamilton Zanze’s second purchase in the metro Richmond market, and its first in Henrico County. The company acquired the Hunter’s Chase apartments in Chesterfield County in December 2017 for $42 million.
Hamilton Zanze’s holdings consist of apartment communities primarily on the West Coast. The firm has been expanding its acquisitions to several East Coast markets, including Williamsburg, Baltimore, Atlanta and Hartford, Connecticut.
Since launching in 2001, Hamilton Zanze has acquired nearly 20,000 units for a total of $3.7 billion, according to its website.
Plans call for the company to renovate 25 percent of Copper Mill’s units to include stone counters, backsplashes, lighting fixtures, cabinet pulls, flooring and replacement kitchen cabinets, according to a news release. Half of the units will receive lighter renovations with resurfaced counters, and new appliances and cabinet faces. A new dog park also is planned.
The overall cost to rehab the property was not disclosed. Hamilton Zanze could not be reached for comment Wednesday afternoon.
The company’s property management arm, Mission Rock Residential, will oversee management and leasing of the complex.
Built in 1987, the apartments have undergone a series of renovations, with the latest round occurring about two years ago, Wentworth said.
Copper Mill is wedged between Mayland Drive and West Broad Street. The property consists of 12 two- and three-story buildings that house 108 one-bedroom units and 84 two-bedrooms.
The apartments were 98 percent occupied upon closing, Wentworth said. Units range from 700 square feet for a one-bedroom, one-bathroom floor plan to 1,010 square feet for a two-bedroom, two-bath. Monthly rents range from $970 for a one-bedroom unit to $1,200 for a two-bedroom.
Wentworth and Cox said Copper Mill’s location, with quick access to major employment and retail destinations, factored into the purchase.
“The Short Pump area has seen so much growth, and that was a big part in them purchasing the site,” Cox said.
“The market’s response to this opportunity was very strong,” Cox said. “Richmond is on everyone’s map and the increased interest we are seeing from out-of-town investors has dramatically changed the playing field, increasing property values significantly.”
Hamilton Zanze’s latest purchase adds more fuel to Henrico’s apartment market.
The neighboring 366-unit Copper Spring apartments fetched $54 million in December 2017, while the 340-unit Wellesley Terrace apartments, at Lauderdale Drive and Three Chopt Road near Short Pump Town Center, sold in July 2017 for $51.12 million.
Hamilton Zanze purchased the Copper Mill apartments in Henrico County for $33 million. (CBRE | Richmond)
A California investment company is staking a claim for its second local apartment complex, this time in Henrico County.
Hamilton Zanze, a San Francisco-based multifamily investment firm, purchased the 192-unit Copper Mill apartments at 3400 Copper Mill Trace for $33 million in a deal that closed Oct. 24, according to county real estate records.
The seller was Copper Mill Apartments LLC, a collection of owners based in Northern Virginia that purchased the property in 2008 for $14.6 million. The latest county assessment valued the 13.4-acre property at $21.5 million.
The seller was represented in the transaction by CBRE’s multifamily team out of its Richmond and Washington, D.C. offices. CBRE | Richmond’s Charles Wentworth and Peyton Cox worked the deal locally.
This is Hamilton Zanze’s second purchase in the metro Richmond market, and its first in Henrico County. The company acquired the Hunter’s Chase apartments in Chesterfield County in December 2017 for $42 million.
Hamilton Zanze’s holdings consist of apartment communities primarily on the West Coast. The firm has been expanding its acquisitions to several East Coast markets, including Williamsburg, Baltimore, Atlanta and Hartford, Connecticut.
Since launching in 2001, Hamilton Zanze has acquired nearly 20,000 units for a total of $3.7 billion, according to its website.
Plans call for the company to renovate 25 percent of Copper Mill’s units to include stone counters, backsplashes, lighting fixtures, cabinet pulls, flooring and replacement kitchen cabinets, according to a news release. Half of the units will receive lighter renovations with resurfaced counters, and new appliances and cabinet faces. A new dog park also is planned.
The overall cost to rehab the property was not disclosed. Hamilton Zanze could not be reached for comment Wednesday afternoon.
The company’s property management arm, Mission Rock Residential, will oversee management and leasing of the complex.
Built in 1987, the apartments have undergone a series of renovations, with the latest round occurring about two years ago, Wentworth said.
Copper Mill is wedged between Mayland Drive and West Broad Street. The property consists of 12 two- and three-story buildings that house 108 one-bedroom units and 84 two-bedrooms.
The apartments were 98 percent occupied upon closing, Wentworth said. Units range from 700 square feet for a one-bedroom, one-bathroom floor plan to 1,010 square feet for a two-bedroom, two-bath. Monthly rents range from $970 for a one-bedroom unit to $1,200 for a two-bedroom.
Wentworth and Cox said Copper Mill’s location, with quick access to major employment and retail destinations, factored into the purchase.
“The Short Pump area has seen so much growth, and that was a big part in them purchasing the site,” Cox said.
“The market’s response to this opportunity was very strong,” Cox said. “Richmond is on everyone’s map and the increased interest we are seeing from out-of-town investors has dramatically changed the playing field, increasing property values significantly.”
Hamilton Zanze’s latest purchase adds more fuel to Henrico’s apartment market.
The neighboring 366-unit Copper Spring apartments fetched $54 million in December 2017, while the 340-unit Wellesley Terrace apartments, at Lauderdale Drive and Three Chopt Road near Short Pump Town Center, sold in July 2017 for $51.12 million.
the apartment properties in the burbs are red hot at the moment. I suspect we’ll see more to be announced soon. Doesn’t it seem like each new one to the market brings a much higher nunpber than the one before it?