Multifamily investor Hamilton Zanze sold off its first South Texas property this year after a five-year holding period.
The San Francisco-based REIT announced Tuesday that it closed on the sale of The Niche Apartments in northwest San Antonio. Built in 2000, the multifamily community at 33 Lynn Batts was bought by the REIT in 2016. During its ownership, the firm completed roof replacements and numerous renovations to the fitness center and pool, as well as the addition of stainless appliances and quartz countertops to 54 units.
Since the pandemic, the firm has sold off five multifamily communities in Texas. Its most recent sales in late 2021 were Salado Springs Apartments in San Antonio and Ravinia Apartments in Houston. It was around this same time that it announced the acquisition of its eighth multifamily community in Tennessee— within four days of its joint venture with Graham Street Realty and Davidson Kempner snapping up a 60-property portfolio in Northern California.
The Niche Apartments is a planned gated community near Interstate 410 in San Antonio’s Oakwell Farms neighborhood. The property offers 150 one-, two-, and three-bedroom units averaging 955 square feet and includes a pool and spa, a dog park, a fitness center, barbeque and picnic areas, and nature trails.
“The Niche Apartments’ returns exceeded initial expectations over our projected five-year hold period,” said Anthony Ly, director of dispositions at Hamilton Zanze. “This investment exemplifies our strategy to identify opportunities, invest in and capture upside from multifamily properties through renovations, upgrades, and improved management.”
Since its founding in 2001, Hamilton Zanze has acquired over $5.8 billion in multifamily assets with more than 150 properties across 16 states and 29 market areas.
The buyer and price of the sale were not disclosed.
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