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Hamilton Zanze Makes 428-Unit Buy

EL PASO, TX-The San Francisco buyer enters the market with its off-market acquisition of the 180-unit Spring Park Apartments and the 248-unit Ryan's Mill Apartments. The class B assets were valued at $22.5 million.

By Amy Wolff Sorter | Updated on July 18, 2008

EL PASO, TX-Hamilton Zanze & Co. made its first El Paso buy, snagging the 248-unit Ryan’s Mill Apartments and the 180-unit Spring Park Apartments in an off-market transaction. The assets were valued at $22.5 million, though a sales price was not released.

According to Winston Black, senior investment advisor with Hendricks & Partners’ Colorado Springs, CO office, seller William T. Doogan of Denver, CO wanted to sell the class B complexes quietly, rather than going through a formal listing. “I’d sold Spring Park to Doogan a number of years ago and I’m active in El Paso,” says Black, who brought Hamilton Zanze to the table and negotiated the transaction.

Black tells GlobeSt.com that the new owner will spend a little money for interior and exterior cosmetic changes. “Both properties are doing extremely well,” he adds. “They’ll just want to take this to the next level.”

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