Dallas, TX September 7, 2010- Riverstone Residential Group, one of the largest third-party, privately owned apartment managers in the United States was recently awarded contracts on five communities in Tucson, Arizona, by Hamilton Zanze & Company, a San Francisco-based multifamily investment firm, in a Joint Venture with Real Estate Capital Partners.
Hamilton Zanze recently purchased the Tucson properties comprised of 1,128 units. Riverstone Residential Group will assist with management strategies and services and the implementation of capital improvement work, including projects on roofs, parking lots, and other systems.
The portfolio includes:
* Cordova Village, 322 units; 2020 S. Columbus Blvd., Tucson, AZ 85711
* Hampton Park, 160 units; 8600 E. Old Spanish Trail, Tucson, AZ 85710
* Palomino Crossing, 240 units; 750 E. Irvington Road, Tucson, AZ 85714
* San Mateo, 254 units; 2800 S. Mission Road, Tucson, AZ 85713
* Solano Springs, 152 units; 6340 Santa Clara Avenue, Tucson, AZ 85706
Collectively, the Hamilton Zanze portfolio consists of mainly garden-style properties located in primary and secondary Western US markets. Hamilton, Zanze typically executes a range of investment strategies from vigorous repositioning to turnkey acquisitions. Riverstone currently manages HZ properties in 10 metropolitan markets in six states, accounting for upwards of 70% of the HZ portfolio.
“Riverstone Residential Group is our foremost management partner,” said Mark Hamilton, Principal, Hamilton Zanze & Company. “We turn to Riverstone with confidence with this Tucson portfolio, looking to them for sound strategy and guidance, the care and feeding of routine operations, and the day-to-day stewardship of major projects. These are obviously essential, and this team has never disappointed us.”
The Tucson properties will be managed by Riverstone Residential Group’s Western Division, which is headed by Division President Mike Dow, and supported by Steve Davis, Executive Vice President. Julie Hurst, Senior Vice President, will oversee the properties’ operations and strategy execution, with help from experienced regional and on-site teams.
“We are thrilled to have earned the opportunity and the confidence from Hamilton Zanze to manage their newly-purchased Tucson properties,” said Terry Danner, President, Riverstone Residential Group. “We respect the company highly. They are active multifamily investors and we value our strong, ongoing partnership. We will continue to help further their investment goals.”
About Hamilton Zanze & Company
Hamilton Zanze is a real estate investment company specializing in the acquisition and asset management of apartment communities with a current portfolio of more than 60 properties in 14 Western Markets. Independently, Mark Hamilton and Tony Zanze started their careers in 1981 and built them on the evaluation, financing, oversight, and brokerage of a wide array of investment property types, as investors focusing solely on multi-unit housing as far back as 1985. Fellow Principal and Chief Investment Officer Kurt Houtkooper, who spearheaded the Tucson purchase, joined the firm in 2003. Since 2001 when the company was formed, Hamilton Zanze has specialized solely in the acquisition and hands-on asset management of apartment communities in the Pacific, Mountain, and Southwestern regions of the United States and has acquired more than $1 billion of multifamily property on behalf of its investment clientele. For additional information, visit http://www.hamiltonzanze.com.
About Riverstone Residential Group
Riverstone Residential Group is one of the largest third-party multifamily apartment management companies in the United States. Focused exclusively on the delivery of unparalleled property management services including utility management services, resident screening and receivables services, client and resident insurance, purchasing services, as well as financial advisory services, the company manages a portfolio of multifamily assets valued at more than $14 billion for leading institutions, pension funds, developers and other major owners. Located in metropolitan markets across the nation, the more than 650 managed apartment properties include high-rise, mid-rise, and garden-style communities in conventional, affordable and receivership assets. The company is headquartered in Dallas, TX. For additional information, visit www.RiverstoneRes.com.
About Real Estate Capital Partners (RECP)
Real Estate Capital Partners (RECP) is a U.S. real estate investment advisor founded in 1989 offering high net worth individuals, closed-end funds and institutional clients’ opportunities to invest in targeted funds and separate accounts. The firm has invested over $8 billion into the U.S. real estate markets in existing and to be built apartment, office, industrial, retail and mixed-use properties. RECP invests with developers in a joint venture structure and acquires assets directly. Since inception, RECP has invested in more than 160 residential and commercial projects with developers nationwide. The firm also provides both asset and property management services to third parties. Offices are located in New York City; Herndon, Virginia; Dallas, Texas; and San Francisco, California. For more information, please visit www.recp.com.
Source: Riverstone Residential