Hamilton Zanze Announces Sale of Virginia Multifamily Community

Hamilton Zanze announced the sale of Indigo 19, a 196-unit apartment community in Virginia Beach, Virginia. Hamilton Zanze sponsored the acquisition of the property in January 2020.

“Limited new supply and rent growth have supported the Virginia Beach apartment market, creating a favorable environment for multifamily investment,” said Anthony Ly, senior director of transactions at Hamilton Zanze.

Located at 1940 Pavilion Drive, Indigo 19 was built in 2013 and features one-, two- and three-bedroom apartments averaging 931 square feet. The property is within walking distance of the Virginia Beach oceanfront and approximately 17.3 miles from downtown Norfolk, with convenient access to Interstate 264 and U.S. Route 58.

During its ownership, Hamilton Zanze implemented a capital improvement program that included maintenance, repairs, fire and life-safety improvements, HVAC work, exterior work, and sustainability initiatives. The property is located near major employers, including Naval Air Station Oceana-Dam Neck, Sentara Healthcare, Joint Expeditionary Base Little Creek-Fort Story and GEICO.