Hamilton Zanze announces sale of apartment community in Virginia

Hamilton Zanze announced that it has sold Maple Bay Townhomes, a 414-unit apartment community in Virginia Beach, Va. The firm sponsored the acquisition of the property in 2019 and after instituting a comprehensive capital improvement program, closed the sale Sept. 25.

Hamilton Zanze’s renovation efforts included roof replacements, the repainting of building exteriors, and upgrades to the apartment homes, pool area and other common-area amenities.

“We are very pleased with the disposition of Maple Bay,” said Anthony Ly, senior director of transactions at Hamilton Zanze. “Through our business plan and our commitment to creating outstanding resident experiences, we were able to increase net operating income by 35 percent at the property. It is hard to close transactions in today’s market, but through our extensive relationships with brokers and sponsors across the industry, we were able to successfully execute this disposition.”

Situated at 356 S Chesir