Hamilton Zanze has purchased Crestone at Shadow Mountain, a 248-unit Phoenix property. the seller, New York Life Real Estate Investors, originally bought the asset in 2018 for $39.6 million, according to Yardi Matrix data. The most recent sales price was not disclosed.
At the time of the sale, which was finalized on Nov. 15, the community was 96.8 percent occupied. The garden-style development, completed in 1992, is situated on 14.8 acres. The property is composed of 16 two-story apartment buildings and a single-story central clubhouse space.
Hamilton Zanze plans to invest in capital improvements, including amenity enhancements, site and safety improvements and HVAC, plumbing and electrical upgrades.
One-, two- and three-bedroom units at Crestone range from 624 square feet to 1,147 square feet. Amenities include a fitness center, business center, tennis court, dog park, picnic areas and two swimming pools with spas. Individual units feature walk-in closets, washers and dryers and private patio and balcony options.
LINES ALSO: Top 5 Western Markets by Multifamily Investment Volume
Located at 2022 E. Thunderbird Road, the community is in the Northeast Phoenix submarket. Nearby is the Paradis Valley Mall and Old Town Scottsdale. A 20-minute drive southeast provides residents access to retail and dining options in the neighborhood.
Situated off of Arizona State Route 51, the property is accessible from Deer Valley along the Interstate 17 corridor. Residents are also in proximity to North Phoenix, which has a variety of employers including Taiwan Semiconductors, USAA, Honeywell, Cigna, Mayo Clinic, Merrill Lynch and Discover Financial.
Mission Rock Residentialan affiliate of Hamilton Zanze, will manage the community. CBRE‘s Sean Cunningham, Asher Gunter and Matt Pesch along with Austin Groen of Phoenix Multifamily Institutional Properties represented the seller on the deal.
The acquisition marks Hamilton Zanze’s 25th in Arizona. Recently, the company has been expanding nationwide. This year in Colorado Springs it set the record for the largest transaction in the city’s history, purchasing the 264-unit Springs at Foothills Farm for $110.9 million.