Hamilton Zanze, a leading San Francisco-based multifamily real estate investment firm, announced that it has sold Maple Bay Townhomes, a 414-unit apartment community in Virginia Beach, Virginia.
“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% 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 Chesire Court, Maple Bay was built in 1971 and features one-, two- and three-bedroom townhomes ranging from 1,000 to 1,400 square feet. The community sits in the northeast portion of Virginia Beach, less than five miles from the shore, and boasts a commuter-friendly location, with prime access to key thoroughfares such as Interstate 264, Virginia Beach Boulevard and First Colonial Road. Residents are also surrounded by an abundance of shopping, dining and entertainment options.
Community amenities at Maple Bay include a swimming pool and spa, splash pad, resident clubhouse, fitness room, onsite dog park, car wash station, playground, dedicated garage parking, package lockers and available extra storage space. Apartment interiors include oversized windows, modern finishes, crown molding, black appliances, in-home washers and dryers, central air conditioning and private patios or balconies.
The sale represents Hamilton Zanze’s third disposition in 2024. The firm has sold more than $4 billion in multifamily properties since its founding in 2001.
