Hamilton Zanze Acquires Apartment Property in Phoenix
San Francisco-based real estate investment firm Hamilton Zanze is excited to announce the purchase of Crestone at Shadow Mountain, the firm's 25th acquisition in the state of Arizona. The company closed the deal on the 248-unit apartment property on November 15, 2022. CBRE's Sean Cunningham, Asher Gunter, Matt Pesch and Austin Groen of Phoenix Multifamily Institutional Properties represented the seller.
Crestone at Shadow Mountain is a garden-style community built in 1992 on 14.83 acres. The property was 96.77% occupied at purchase and is comprised of a single-story central clubhouse and 16 two-story residential buildings. These units range from 624 square feet to 1,147 square feet. The community includes several upscale amenities such as a two swimming pools with spas and poolside ramadas, complete fitness center, business center, dog park, tennis court, and picnic areas with barbecues, and many others. Unit amenities include full-sized washers and dryers, wood-style flooring, walk-in closets, stainless steel appliances, private patios and balconies, and more.
"We are excited to further expand our presence in Phoenix with the purchase of Crestone at Shadow Mountain," said David Nelson, Hamilton Zanze's chief investment officer. "The 1992-vintage, garden-style asset features institutional quality amenities, ideal location in the supply constrained Northeast Phoenix submarket, in convenient proximity to Paradise Valley Mall and Old Town Scottsdale, and access to the largest employers in North Phoenix, like Taiwan Semiconductors, USAA, Discover Financial, Honeywell, Cigna, Cox Communications, Mayo Clinic, and Merrill Lynch. 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. Crestone at Shadow Mountain will be an asset to the local community for years to come, and we at Hamilton Zanze are proud to be a part of it."
The property is located at 2022 East Thunderbird Road in Phoenix. It is conveniently located just off Arizona State Route 51, providing access to Deer Valley along the I-17 Corridor, one of the submarket's most robust and durable group of Fortune 500 companies. The property is also in close proximity to Old Town Scottsdale. Residents can make a short 20-minute drive southeast to enjoy many four and five-star restaurants in the neighborhood.
HZ's capital improvements will include site and life safety improvements, amenity upgrades, and HVAC, electrical, and plumbing improvements. Management of the property has also been transitioned to HZ affiliate Mission Rock Residential, a Denver-based company.