VIRGINIA BEACH, VA – San Francisco-based real estate investment firm Hamilton Zanze (HZ) has bought the 414-unit Maple Bay Townhomes in Virginia Beach, VA. The buy closed on January 25th and property management responsibilities have been transferred to Mission Rock Residential.

The community was built in 1971 and is located in close proximity to Interstate 264 and the Virginia Beach Expressway, providing immediate access to retail, entertainment, and employment opportunities. The community offers a mix of large one, two, and three-bedroom units, ranging from 1,000 to 1,400 square feet. Each unit is two-tales and includes garage space and private a backyard or patio area. 

“We are actively looking to grow our presence in the Virginia Beach metro, and Maple Bay presented an opportunity to buy a well-located asset with 1,200 square foot average units,” said David Nelson, Hamilton Zanze’s senior director of acquisitions. “Due to high home prices in the area, we believe large townhome rental units will serve an underserved demographic.” 

Units feature air conditioning, new lighting fixtures, black appliances, and updated kitchen cabinets. HZ plans to update units with the new granite countertops, faux wood flooring, and tile backsplashes, and add washers and dryers to select units. 

Community amenities include a clubhouse, fitness center, swimming pool, dog park, playground, carwash station, and digital package concierge service. Plans for upgraded community amenities include fresh landscaping and pool grounds, and interior clubhouse updates.

The market’s high median home value of $260,840 makes a tailwind for strong apartment demand in the Virginia Beach East submarket. The submarket recorded zero new supply in Q1 2019, with no new supply forecasted for 2019. Metro-wide occupancy is solid at 95.4%. 

The region’s median income is 6% higher than the U.S. average. The market is bolstered by diverse employment opportunities in nearby Norfolk, which is home to thriving shipping, military, data, and financial management industries.

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TAMPA, FL – ZOM Living, in partnership with affiliates of The Mattoni Group and New York-based Clarion Partners, LLC on behalf of a commingled fund managed by the firm, recently sold AZOLA Apartments, a 366-unit multifamily apartment community located within the Brandon area of Hillsborough County to an affiliate of institutional investor Nuveen Real Estate.

Azola at Magnolia Park was completed in Fall 2018. With convenient access to downtown Tampa, the beaches, shopping, and major employment centers, Azola Apartments are spread across 25 acres and feature well-appointed one, two, and three bedroom units in a variety of floor plans ranging from 704 to 1,457 square feet, with private yards and hard surface flooring in select units. A large resident community center and on-site amenities include a club room with cyber café, game room with virtual sports simulator, dog park and dog spa, state-of-the-art fitness center complete with cardio and cycling studio, as well as a boxing ring. The clubhouse is adjacent to an oak hammock and lushly landscaped grounds, which feature a resort-style pool with beach entry, private cabanas and grilling station.

“Azola’s community orientation and design aesthetics contributed to strong absorption of 30 apartments per month and we achieved top tier rental rates for the submarket,“ said Kyle Clayton, Senior Vice President, ZOM Living. “This was our first venture with ZOM, and to combine with Clarion Partners made for a terrific ownership team,’” added Ricardo Caporal, Founder and President of Mattoni Group. “We are very pleased with the result, and also adding this fine project to the Brandon/Riverview community.” 

“Sole at Brandon, as now rebranded, offers luxury interiors and resort amenities at mid-level rents in one of the fastest growing submarkets in Tampa. The property is immediately adjacent to I-75 and the Selmon Expressway, providing connectivity to Downtown, Westshore Business District and other major employment entertainment centers within minutes. We are looking forward to continue expanding our housing platform in the main Florida MSAs as part of our investment strategy,” said Carlos A. Burneo, Senior Director at Nuveen Real Estate and lead for Housing in Florida

Newmark Knight Frank (NKF) exclusively represented the seller in the disposition. “ZOM’s ability to deliver best-in-class product in one of Tampa’s fastest growing submarkets allowed for a very successful lease-up,” said Patrick Dufour, NKF Vice-Chairman

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LAFAYETTE, LA – Alpha Capital Partners, a Pittsburgh based real estate investment and development firm, announced the acquisition of University Place, a 342-bed student housing community in Lafayette, Louisiana. 

With over 2,100- beds under management within Alpha’s student housing platform, University Place is Alpha’s 10th student housing community. This acquisition is the second of five identified projects in Alpha’s Opportunity Zone Fund. The Fund is a targeted $250 million fund launched in October 2018 to take part in the opportunity zone program implemented by the Tax Cuts and Jobs Act of 2017.

University Place is located adjacent to the University of Louisiana at Lafayette and is the closest student housing property to campus. It offers access to a private pedestrian bridge, which students can walk to university classrooms and facilities. The property also features a 24-hour fitness center, swimming pool with LED lighting, cybercafé with free printing and a host of other amenities. University Place is highly differentiated in that it offers a significant number of one- and two-bedroom units which are especially appealing to upperclassmen and graduate students.

Alpha’s development, property management, and marketing teams have begun to do on its business plot to take advantage of the property’s significant operational upside. 

According to Jide Famuagun, CEO of Alpha Capital Partners, “The upside of this property provides the opportunity to reposition the asset and resident experience through a value-add strategy supported by significant capital that would not have been possible without the opportunity zone program. University of Louisiana at Lafayette has witnessed record setting enrollment for five consecutive years, and I believe that with the expertise our team brings, we will be successful in repositioning and rebranding this asset. We look forward to reintroducing University Place to the Ragin’ Cajun community. Our team has been working on the opportunity zone concept since summer 2018 so we are very excited to buy projects such as University Place into the Fund.”

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