San Francisco-based real estate investment company Hamilton Zanze (HZ) has acquired the 256-unit Meadowbrook Station apartment complex in Salt Lake City for $40.1 million. The transaction closed on April 17.
HZ purchased the Class B-plus, 2010-vintage multifamily community from Peak Capital Partners.
“This is our first acquisition in the Salt Lake City market since 2013 and we are pleased to be back,” said HZ managing director David Nelson. “We are also excited about the opportunity to own a transit-oriented development strategically located to benefit from growth in the downtown job base.”
HZ’s planned capital improvement plan includes green initiatives to reduce water consumption. The company has engaged affiliate Mission Rock Residential to manage the property.
HZ owns and operates 85 apartment communities totaling 18,063 units and has acquired 17 properties and sold 22 others in the past 12 months.