Hamilton Zanze acquired Kingscrest Apartments, a 404-unit community in Frederick, Maryland, for $64.3m. Located on a 25-acre site, the asset changed hands for just under $159,160 per unit. Built between 1990 and 1992, common-area amenities include a clubhouse and business center, an on-site car-care center and parking for 826 vehicles. Hamilton Zanze will invest $4.2m into renovating the property, upgrading interior units with new stainless-steel appliances, new fixtures and lighting as well as new countertops.The 20-building community, which is 93 percent occupied, marks the company’s first purchase in Maryland. Transwestern Mid-Atlantic Multifamily Group brokered the transaction, while Mission Rock Residential will be managing the property.
“Kingscrest is a true value-add opportunity in a great submarket, allowing us to further expand our growing presence on the East Coast,” said David Nelson, managing director of acquisitions at Hamilton Zanze.
