Washington DC CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Hamilton Zanze Completes Sale of Virginia Beach MF Community
Hamilton Zanze, a San Francisco-based multifamily real estate investment firm, has sold Maple Bay Townhomes, a 414-unit apartment community in Virginia Beach, Virginia. The firm sponsored the acquisition of the property in 2019 and, after instituting a comprehensive capital improvement program.
Hamilton Zanze’s renovation efforts included roof replacements, the repainting of building exteriors and upgrades to the apartment homes, pool area and other common-area amenities.
“Through our business plan and our commitment to creating outstanding resident experiences, we were able to increase net operating income by 35% at the property,” said Anthony Ly, Senior Director of Transactions at Hamilton Zanze.
Situated at 356 S Chesire Court, Maple Bay was built in 1971 and features one-, two- and three-bedroom townhomes ranging from 1,000 to 1,400 square feet. The community sits in the northeast portion of Virginia Beach, surrounded by an abundance of shopping, dining and entertainment options. The sale represents Hamilton Zanze’s third disposition in 2024.
