BEAVERTON, OR – Freshwater Investments has bought 84-unit Hanover Apartments in Beaverton, Oregon for $26.5 million. Built in 1998, an ideal vintage for value-add strategy, the property is comprised of excellent size 1-, 2- and 3-bedroom apartments with an average unit size of 918 square feet.
Ideally located within Beaverton, one of Portland s most coveted suburban areas, the Hanover property is only 15-minute drive from the Portland downtown. Freshwater is not a novice in this market as it has been operating Maybeck Apartments in Tigard, Oregon – a well performing asset located 9 miles from the Hanover.
With the rising interest rate, we are certainly observing the shift in the market. Based on my daily conversations with the brokers, many deals are now falling apart due to this turbulence. We had secured the favorable interest rate right before things got shaky and despite the current market conditions closed the deal without any hiccups , said Alex Rozenfeld, Freshwater Founder and Managing Partner. We saw a tremendous interest in this deal from our investors, with a record number of new investors and the demand exceeding our equity needs. Given the inflation on the rise and the recent struggles of the stock market, our investors know – diversifying into real estate is a way to strengthen their portfolios.
The CBRE team has brokered the transaction and Josh McDonald, Senior Vice President at CBRE Multifamily, commented: “It was an absolute pleasure working with the Freshwater team on our first of what will be many deals in our market. The Freshwater reputation has always been a “5 Star” rating as described by our partners in Seattle and colleagues in the West, and they proved to live up to that reputation. We look forward to working with them on additional opportunities in the future.”

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SANDY, UT – MAXX Properties announced the acquisition of The Ridge, a 261-unit, 4-tale luxury apartment community near Sandy Utah. The Ridge boasts commanding views of the Wasatch and the Oquirrh mountain ranges.
The Ridge offers modern one-, two-, and three-bedroom apartments. These luxury homes were built in 2018 and feature tech-forward amenities and a nod to the sustainable lifestyle Salt Lake City is known for with energy-saving appliances, LED lighting, and a bike repair station. Communal amenities include a clubhouse with a 24-hour fitness center, swimming pool, fire pit, BBQ stations, and a card-key controlled parking garage. The community is directly across the street from a lifestyle shopping complex with a half dozen upscale dining outlets as well as a state-of-the-art cinema.
Salt Lake City is often rated a best place to live thanks to quality of life factors, affordability, and booming employment sectors. Salt Lake City is also synonymous with outdoor recreation and these Sandy Utah apartments are just a 20-minute drive from world-class of ski destinations and hiking trailheads. They are also conveniently situated near Interstates 15 and 215 and just 12 miles south of downtown Salt Lake.
The Ridge is an accretive acquisition to our Salt Lake City portfolio, said Rick Wiener, Chairman of MAXX Properties. Our family business has been conducting business in Salt Lake City since the late ‘90s and Utah still has the quality of life and attraction it had a quarter-century ago. We anticipate continued strong fundamentals in Salt Lake City bolstered by a growing trend by employers and individuals alike to live and work in places connected directly to the fantastic outdoors.
The Ridge was partially capitalized through a long-term, fixed-rate mortgage loan provided by New York Life Insurance Company.

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RICHMOND, VA – San Francisco-based real estate investment firm Hamilton Zanze announced the sale of Hunter’s Chase Apartments in the desirable Chesterfield County submarket of Richmond, Virginia. The group bought the property in 2017.
During their ownership, Hamilton Zanze completed a successful unit renovation campaign, an office and gym renovation, landscaping improvements, siding replacement and paint, balcony and deck repairs, and asphalt improvements.
“Hunter’s Chase is one of our early northeast acquisitions. In a partnership with Aegon Asset Management, over $8.5 million in property improvements were completed. Some of these improvements included a property-wide siding replacement, unit renovations, club house upgrades, and full window replacements. HZ’s asset and project management teams were able to complete all property improvements within three years of acquisition,” said Anthony Ly, senior director of dispositions at Hamilton Zanze. “The Hunter’s Chase investment returns exceeded initial expectations and occurred in just five years, versus the projected 10-year hold period. We are grateful for our partnership with Aegon, who shared the same vision in realizing the upside in the property.”
Hunter’s Chase was built in 1986 and is located at 5200 Hunt Master Drive in Midlothian. The property comprises 320 one-, two-, and three-bedroom units averaging 816 square feet. The community features a resort-style swimming pool, 24-hour fitness center, tennis courts, self-service car wash, and two playgrounds with a rock-climbing wall.
Hunter’s Chase is located just over 18 miles southwest of Downtown Richmond in the Chesterfield County submarket. Richmond’s diverse economy is built around a mix of healthcare, government, and finance jobs. Major Richmond-area employers include Philip Morris USA, Amazon.com, the U.S. Department of State, the United States Postal Service, HCA Virginia Health System, Wal-Mart Stores Inc., and Anteon Corporation. Due to Chesterfield County’s central location and brilliant transportation infrastructure, the region has become a manufacturing and distribution hub, home to the headquarters of major manufacturers like DuPont and Honeywell, Inc.

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