The Art of Buying Multifamily Properties With Upside Potential

oRACLE vILLAGE SOLDThis article has been archived, please login for access or subscribe now for a free trial.

An investment group formed by Hamilton Zanze & Company (Mark Hamilton, President) of San Francisco, CA acquired Oracle Village Apartments at 5903 – 5929 N Oracle   Road in OroValley for [mepr-show rules=”58038″]$9 million ($62,500 per unit) from locally-based HSL Properties (Omar Mireles, Officer). The 144-unit apartment community in 133, 272 sq. ft. on 8.8 acres is rated as a Class-B community, but the new investor purchased with the goal of renovating into a Class-A complex.

HSL Properties purchased the property in 2002 for $5.7 million with deferred maintenance and upside potential.

The community offers one-, two- and three-bedroom floor plans ranging in size from 694 – 1,098 sq. ft. with air conditioning, dishwasher, washer / dryer, sundecks and high speed internet available. Community amenities include a courtyard featuring a basketball and volleyball court, clubhouse with business center, pool and spa, with lush landscaping, manicured lawns and on-site management and maintenance. Located in the Northwest area, Oracle Village is close to shopping, dining and entertainment at the nearby CasaAdobesShopping Center, Foothills Mall or Tucson Mall. Residents also receive discounted rates at a nearby fitness club.

Hamilton Zanze has been investing in multi-unit residential real estate through investor groups since 1985, consistently producing growth, cash flow, and tax benefits. They are devoted to this asset class and versed in its nuances and idiosyncrasies. With experience, diligence, and commitment, investments are pushed through major improvements, active problem solving, insistent management, opportunistic financing, and a vigilant eye on the unfailing whims of the marketplace.

Hamilton Zanze focuses on apartments because they are convinced there is no better investment. Simply put by the company, “we buy real estate worth buying. For us, those properties are apartments with upside. That said, we invest for ourselves, individuals, families, trusts, funds and publicly traded companies with a focus on producing growth, cash flow, and tax benefits.”  Investment objectives are always framed with risk/reward foremost in mind.

The company owns 75 properties in 16 markets within eight states: Washington, Colorado, New Mexico, Oregon, Nevada, Texas, Utah and Arizona. This is the seventh multifamily investment for Hamilton Zanze in the Tucson area totaling 1,518 units.

Art Wadlund of Hendricks-Bercadia in Tucson handled the transaction.

Hamilton can be reached at (415) 561-6800 ext 101. Mireles should be contacted at (520) 322-6994. Wadlund is at (520) 299-7200.[/mepr-show]