Hamilton Zanze Acquires Two Multifamily Communities In Maryland
San Francisco-based real estate firm Hamilton Zanze (HZ) has acquired two apartment communities in Upper Marlboro, Maryland, the Village of Churchills Choice and Hunters Glen. Both sellers were represented by broker Robert Garrish with Newmark. HZ now owns and operates 11 residential apartment communities in the D.C. metro area.
"The acquisitions of Village of Churchills Choice and Hunters Glen will help HZ expand its presence in the Washington D.C. metro and enter a new submarket of Upper Marlboro," said David Nelson, Hamilton Zanze's chief transactions officer. "We are excited about our continued growth in Maryland and the prospect of providing quality housing to the local tenant base."
Village of Churchills Choice and Hunters Glen are located 20 miles from Downtown Washington D.C. The properties are strategically located near Interstate 495, providing residents easy access to Downtown Washington D.C., Downtown Baltimore, and other major employment centers within a reasonable commuting distance.
Built in 2000, Village of Churchills Choice features 192 residential units, and was 95% occupied at the time of purchase. Hunters Glen was built in 1992, offers 154 units, and was also 95% occupied as of the date of purchase. Both properties are garden-style communities with swimming pools, outdoor grilling and picnic areas, and 24-hour fitness centers. Spacious units feature washers and dryers, walk-in closets, and private patios and balconies.
HZ's capital improvements for the properties include exterior maintenance and improvements, landscaping, improvements to community amenities, and interior unit renovations. All property management responsibilities have been transitioned to HZ affiliate Mission Rock Residential, a Denver-based company.
The Washington D.C. metro benefits from a well-established economy driven by a young, educated workforce and is home to 17 Fortune 500 companies, including Fannie Mae, Freddie Mac, Capital One, and Lockheed Martin. In 2018, Amazon announced plans for a new corporate headquarters known as HQ2 in Crystal City, Arlington, VA (20 miles or 30-minute drive from the Properties). The State of Maryland reported that construction of HQ2 will support 25,000 additional jobs, more than $1.7 billion in employee compensation, and more than $4.3 billion in net new economic activity.