(Read more on the multifamily market.)
RENO, NV-Multifamily real estate syndicator Hamilton Zanze & Co. recently closed on a pair of apartment properties here on behalf of multiple investors. Working with Wachovia Securities, Hamilton Zanze raised approximately $20 million of equity for the $77.35-million, 720-unit acquisition.
The purchase includes Mountain Shadow, a 404-unit, 61-building complex built in 1987 in the southwest submarket, and Summit Trails, a 318-unit, 40-building complex built in 1991 in the northwest submarket. Mountain Shadow sits on 25.6 acres at 695 East Patriot Blvd. Summit Trails sits on 21.9 acres at 1350 Grand Summit Dr.
Previously, Wachovia partnered with HZ & Co. to acquire Cayman Bay, a 480-unit complex located in Las Vegas, in July of 2005 for $45 million. The asset was sold in earlier this year for $55 million. In addition to Mountain Shadow and Summit Trails, oversees for investors one other property in Reno, Timber Hills, a 176-unit apartment complex it acquired in January.
Hamilton Zanze arranges the acquisitions for investors and then acts as the managing member of the LLCs organized to acquire and operate the properties. All told, Hamilton Zanze manages 38 apartment properties totaling more than 8,106 units on behalf of its investor pool. The properties are located throughout the Western US.
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