PHOENIX, AZ – San Francisco-based real estate firm Hamilton Zanze (HZ) has bought the 296-unit Springs at Deer Valley apartment community in Phoenix. The buy marks the firm’s seventh property in their current portfolio in the state of Arizona. The community will be rebranded as the Ironwood at Pleased Valley apartments.
The property was marketed by Walker & Dunlop’s investment sales team, led by Dan Woodward, David Potarf, Matt Barnett, and Jake Young.
Built in 2021, Ironwood at Pleased Valley is located at 24025 N. 23rd Ave in the desirable Deer Valley submarket, a 23-minute drive from Downtown Phoenix. The property is close to the $12 billion Taiwan Semiconductor Manufacturing Company manufacturing campus.
“We are excited to further expand our presence in Phoenix with the buy of this community,” said David Nelson, Hamilton Zanze’s chief investment officer. “The brand-new garden-style asset features institutional-quality amenities, an ideal location in the booming Deer Valley submarket, convenient proximity to the Shoppes at Norterra and Pleased Valley Towne Center, and access to the largest employers in North Phoenix, like Taiwan Semiconductors, USAA, Learn Financial, Honeywell, Cigna, Cox Communications, Mayo Clinic, and Merrill Lynch. This property is in a strong position due to its stable, high-income tenant base, proximity to internationally recognized job drives, and extremely competitive amenity and interior package. We believe Ironwood at Pleased Valley will be an asset to the local community for years to come.”
The property includes 296,518 net rentable square feet across 12 two-floor residential buildings. The units average 1,002 square feet with private balconies/patios, spacious walk-in closets, and in-unit washers and dryers. Community amenities include an outdoor barbecue area, a resort-style swimming pool, an on-site car maintenance center, a pet playground and park, a 24-hour fitness center, and attached and detached garage options.

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ALAMEDA, CA – Lincoln Avenue Capital (LAC), a mission-driven acquirer and developer of affordable housing, and the Housing Authority of the City of Alameda (AHA) announced an agreement to preserve the affordability of up to 132 units at Rica Vista Apartments for the next 55 years.
LAC’s partnership with the Housing Authority of the City of Alameda will convert the existing market-rate property to workforce housing to bolster the supply of affordable housing in the Bay Area, one of most expensive housing markets in the nation. This agreement will provide long-term access to high-quality, affordable homes for Alameda residents earning up to 80 percent of the Area Median Income (AMI), including one- and two-bedroom apartments that remain in especially high demand in the area.
The 186-unit property currently serves approximately 250 lower-income and moderate-income residents. Most recently renovated in 2020, Rica Vista includes amenities such as a swimming pool, playroom, fitness center, laundry facility, and grilling/picnic area. The acquisition of the property was financed with the National Equity Fund as well as subordinate financing from the Chan Zuckerberg Initiative via the Bay’s Future Fund.
“Lincoln Avenue Capital is proud to work with the Alameda Housing Authority to preserve and expand access to quality homes at Rica Vista for decades to come,” said LAC CEO Jeremy Bronfman. “This agreement signifies our deep commitment to ensuring long-term affordability for families and individuals in communities like Alameda where our impact is most needed.”
Before its acquisition, Rica Vista operated as a fully market-rate property. Its conversion serves as a prime example of “Naturally Occurring Affordable Housing” (NOAH) that is increasingly rare across the nation and especially in California. The new regulatory agreement will ensure 55 years of affordability at the property, offering affordable housing units in the surrounding area for the long-term.
“The mission of the Housing Authority is to provide quality affordable housing alternatives to all Alamedans,” AHA Executive Director Vanessa Cooper said. “The partnership with Lincoln Avenue Capital will allow more low- and middle-income people to live and work in the City of Alameda.”

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GRAND RAPIDS, MI – Thompson Thrift, a full-service nationally recognized real estate company, announced the sale of The Grove, a 320-unit Class A multifamily community in Grand Rapids. A private real estate investment firm bought the community for an undisclosed amount.
“Our team at Thompson Thrift is proud to have developed a top-notch community where residents can delight in a lifestyle focused on convenience and luxury,” said Josh Purvis, managing partner for Thompson Thrift Residential. “The Grove has been an overwhelmingly successful residential community from the start, and we’re pleased to complete a successful sale of this generational real estate asset.”
Completed in August 2022, the 24-acre community offers two-tale farmhouse-style apartment homes with a mix of one-, two- and three-bedroom layouts that average 1,200 square feet. Apartment homes feature designer interiors including quartz countertops, stainless steel and energy-efficient appliances, walk-in pantry, hardwood-style flooring, large walk-in closets, patio and balcony options and full-size washers and dryers. Residents are treated to resort-style amenities including a resident social lounge, 24/7 fully equipped fitness center, heated pool and spa, community grilling areas, pickleball courts, dog park and pet spa.
With frontage on Beltline Avenue, a major north/south thoroughfare, the location offers residents a small commute to downtown Grand Rapids, where they can delight in local museums, the John Ball Zoo, and a host of breweries and restaurants. A fantastic majority of the area’s major employers, including Axios, Meijer and Spectrum Health, are within a 15-mile radius.
Jason Krug with Berkadia brokered the sale for Thompson Thrift.
“The Grove set a new standard for quality construction and luxury apartment living in the Grand Rapids market,” said Jason Krug, senior managing director for Berkadia. “Our team was able to generate demand and ultimately identify an ideal buyer for this transaction in the face of a transitioning marketplace. The asset’s quality and burgeoning Grand Rapids economy provide for a very bright future for The Grove.”
Thompson Thrift has made a name for itself by being one of the few developers to build Class A residential communities in markets across the country with a range of conventional, luxury leased villa and townhome-style communities. Throughout its history, the company has invested more than $4 billion and has become known as a trusted partner committed to developing high-quality, attractive communities.

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