California company acquires Copper Mill Apartments in Henrico County
San Francisco-based real estate investment firm Hamilton Zanze has acquired the 192-unit Copper Mill Apartments in Henrico County from JRK Property Holdings.
The deal, which closed Oct. 24, represents the company’s fourth acquisition in the commonwealth.
Financial details of the sale were not discloseds.
The 158,568 square foot apartment community was built in 1987. It had a 99 percent occupancy rate in July.
Copper Mill includes 12 garden-style apartment buildings on 13.3 acres of land. The units range from 697 to 1,010 square feet.
Hamilton Zanze’s plans include a large-scale improvement program under which 25 percent of units will be renovated to include stone counters, backsplashes, lighting fixtures, cabinet pulls, flooring, and replacement kitchen cabinets.
An additional 50 percent of the units will receive a lighter renovation with resurfaced counters and the addition of new appliances and cabinet faces. The company will also add a dog park and additional enhancements to the community's amenity package.
Property management responsibilities handled by Mission Rock Residential, a Denver-based affiliate of Hamilton Zanze.
Since its founding in 2001, Hamilton Zanze has acquired more than $3.3 billion in multifamily assets. The company currently owns and operates 82 properties in 13 states.