Multifamily Property in Spring Sells for Undisclosed Amount
Hamilton Zanze sells 2400 Spring Rain Dr to undisclosed buyer.
The property, located in the northern Houston suburb of Spring, consists of 312 units across 13 buildings. The complex features a mix of one-, two-, and three-bedroom apartments, as well as amenities such as a fitness center, swimming pool, and clubhouse. The property was built in 2001 and underwent renovations in 2018.
Hamilton Zanze acquired the property in 2016 for $27.5 million, according to public records. The firm invested in upgrades to the property, including new appliances, flooring, and lighting fixtures. The property was 95% occupied at the time of sale, according to Hamilton Zanze.
The buyer of the property was not disclosed, but the sale marks the latest in a string of multifamily acquisitions in the Houston area. According to Real Capital Analytics, multifamily sales in the Houston market totaled 2.2 billion in the third quarter of 2021, up from 1.5 billion in the same period last year.
The brokers on the deal were not disclosed. However, Hamilton Zanze has worked with a number of brokerage firms in the past, including CBRE, JLL, and Marcus & Millichap.
The sale of 2400 Spring Rain Dr is part of Hamilton Zanze’s ongoing strategy to acquire and improve multifamily properties in high-growth markets across the United States. The firm currently owns and operates a portfolio of more than 100 properties totaling over 25,000 units in 20 states.
Overall, the sale of 2400 Spring Rain Dr highlights the continued demand for multifamily properties in the Houston market, as well as the potential for value-add strategies to generate strong returns for investors.