Hamilton Zanze, a San Francisco-based private real estate investment firm, has bought Crestone at Shadow Mountain, a 248-unit apartment property in Arizona.
Crestone at Shadow Mountain is a garden-style community built in 1992 on 14.83 acres. The property was 96.77 percent occupied at purchase and is comprised of a single-story central clubhouse and 16 two-story residential buildings. HZ Capital’s improvements will include site and life safety improvements, amenity upgrades and HVAC, electrical and plumbing work. The purchase marks the firm’s 25th acquisition in the state of Arizona. Management of the property will be transitioned to HZ affiliate Mission Rock Residential.
“We are excited to further expand our presence in Phoenix with the purchase of Crestone at Shadow Mountain,” states David Nelson, Hamilton Zanze’s chief investment officer. “This property is in a strong position due to its stable, high-income tenant base, supply-constrained location, and extremely competitive amenity and interior package.”