WASHINGTON, DC – San Francisco-based real estate firm Hamilton Zanze (HZ) has bought two apartment communities in Columbia, Maryland, including the Timbers at Long Reach apartments and the Chimneys of Cradlerock. The deal closed on December 31st with seller Aimco. HZ now owns and operates six residential apartment communities in the D.C. metro.
“Closing 2019 with this major expansion of our East Coast presence meant a fantastic deal to our team and our investors,” said David Nelson, managing director of acquisitions for Hamilton Zanze. “We are excited to continue this momentum as we go into our 20th year in the value-add investment business.”
The Timbers at Long Reach is strategically located near Interstate 95, providing residents simple access to Downtown Baltimore, Downtown Washington D.C., and other major employment centers. The Chimneys at Cradlerock similarly offers tremendous transit access with metro lines adjacent to the property and close proximity to the Columbia Pike (U.S. Route 29) and Maryland Route 32 thoroughfares.
Built in 1979, Timbers at Long Reach features 178 residential units and was 98% occupied rate at the time of buy. The Chimneys property, also opened in 1979, offers 198 units and was 95% occupied as of the date of buy. Both properties are garden-style communities with on-site Luxor One package lockers, dog parks, and on-site walking paths. Spacious units feature washers and dryers, walk-in closets, and private patios and balconies.
HZ’s capital improvements plans for the properties include exterior maintenance and improvements, landscaping, and interior unit renovations. At the Chimneys of Cradlerock, the property will receive additional upgrades to its community amenities and security systems as well. All property management responsibilities have been transitioned to HZ affiliate Mission Rock Residential.
Howard County, the home to the City of Columbia, laid out a revitalization initiative to redevelop Columbia’s central business district. The project will include the addition of 14 million square feet of mixed-used development, making the market ripe for residential success. This Plot is estimated to bring more than 31,000 new jobs and $6.1 billion in economic activity to the already-thriving market.

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SEATTLE, WA – Lowe, a national real estate developer, investor and manager, announced that it has commenced construction of the first phase of a 550-unit apartment development with approximately 6,800 square feet of ground floor retail and 315 parking stalls in the 30-acre transit-oriented, master-plotted Yesler Terrace community. Lowe s apartment community is part of the comprehensive redevelopment of the 1940s-era Yesler Terrace that includes a mix of public and private developments delivering housing, office space and a host of neighborhood amenities.
At Yesler Terrace we will bring much-needed housing to a dynamic area near downtown Seattle. The proximity to public transportation, existing employment centers and the engaging First Hill neighborhood with its rich history and bustling dining, shopping and entertainment centers, combine to make this an appealing development opportunity, said Suzi Morris, senior vice president, Lowe.
Lowe will ultimately construct two nine-tale buildings, offering 550 apartment units, ranging from studio to two-bedroom floor plans, in two phases, 26.5 percent of which will be affordable housing. As part of its development, Lowe also is making an adjacent pocket park. Residences will feature modern fixtures and finishes and some units will provide private patios or balconies.
The first phase building will offer 335 units with 215 units in phase two. Both buildings will provide residents with a wide range of communal spaces and amenities. Outdoor areas include rooftop decks and lounges with sweeping area views of Mount Rainier, Downtown Seattle and beyond, green roof areas, multiple courtyards outfitted with barbeques and seating, and a community vegetable garden. Abundant indoor gathering areas include sky lounges offering upper level spaces with striking area views for community events, media center, gaming room and theater, workshop/leisure activity room and resident lounge. Residents also will have access to a fitness room, a dog walk and dog grooming space, and co-working spaces.
Lowe s apartment development is located at 209 12th Ave S, and 1020 S Main St. in Yesler Terrace, which is within the First Hill neighborhood near downtown Seattle. The community is walking distance to a variety of shopping, dining and entertainment options as well as the area s new streetcar line. As part of the redevelopment, Yesler Terrace will have a large central park, performing arts center and community center.
The Lowe apartment development was designed by Ankrom Moisan Architects. Compass is the general contractor. Completion of Phase one is anticipated for spring of 2022, and Phase two in the first quarter of 2023.
Lowe s activities in the Pacific Northwest date to the firm s development of the Klahanie master-plotted community in the 1980s and 1990s. Lowe has made numerous commercial and hospitality property acquisitions in the Seattle area, and most recently completed development of the 286-unit Talisman multifamily and retail property at Redmond Town Center and the highly successful LUMA condominium building in Seattle s First Hill neighborhood. Lowe is a joint venture partner in Suncadia Resort in Cle Elum, Washington, and Sunriver Resort in Central Oregon.

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NEW YORK, NY – Aragon Holdings, and Harbor Group International (“HGI”), announced that affiliates of HGI have bought a portfolio of 36 apartment properties comprising of 13,243 units from Aragon for $1.85 billion. The acquisition is the 5th largest apartment portfolio sale ever, and the largest since 2016.
The deal is part of Aragon’s broader $2 billion sale of its entire apartment portfolio consisting of 15,000 units located in 12 cities and 8 states across the nation.
Commercial real estate services firm Newmark Knight Frank (NASDAQ: NMRK) represented the seller in the sale and the buyer for the debt financing.
“We chose to sell our portfolio because we recognized that, in the present market conditions, the properties would have the greatest value in the hands of a ‘value-add’ operator,” said Larison Clark, Founder, Chairman and CEO of Los Angeles-based Aragon Holdings. “Harbor Group targets value-add opportunities, making this an ideal transaction for both firms.”
The portfolio, which had been bought over the last 10 years, is primarily in the southern part of the United States, from Arizona to Florida. The properties average 350 units each, comprised of two- and three-tale buildings located in suburban areas near employment centers, shopping, highly rated schools and simple transportation access.
“The buy of the portfolio demonstrates Harbor Group International’s significant growth and evolution as a leading industry player as we continue to do on larger, more complex, and attractive opportunities for our investors,” said Jordan Slone, CEO of HGI. “This transaction marks a significant step for HGI as we continue to grow our portfolio in lucrative markets and provide our investors with a strong, diversified portfolio.”
Dan Guy, Aragon’s President and Chief Operating Officer, noted that Aragon Holdings initially focused on multifamily housing because “we saw the opportunity for strong investor returns in the wake of the 2008 economic crisis. Since then we have achieved exceptional cash-on-cash and IRR returns for our investors,” Mr. Guy said. “Our team is now analyzing commercial real estate opportunities that provide the best risk-adjusted returns for our investors.”
NorthMarq Capital represented the Seller for debt assumptions and defeasance. Meridian Capital Group was used by the Buyer as an advisor.

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