San Francisco firm acquires Va. Beach apartment complex

Apartment complex has 196 units.

Published January 20, 2020 by Sydney Lake

San Francisco-based real estate firm Hamilton Zanze (HZ) acquired the Indigo 19 apartment community in Virginia Beach in a deal that closed on Jan. 14.

The five-story apartment community located at 1940 Pavilion Drive, in close proximity to the Virginia Beach boardwalk, includes 196 units — each averaging 931 square feet. At the time of sale, the property had a 95% occupancy rate.

HZ will handle roof maintenance, fire and life safety improvements, HVAC maintenance, sustainability and exterior renovations.

The sale of the Indigo 19 apartment community makes it HZ’s fourth acquisition in the Virginia Beach-Norfolk-Newport News area. The real estate company also owns Parkway Apartments and the Woods of Williamsburg in Williamsburg and the Maple Bay Apartments in Virginia Beach.

HZ was founded in 2001 and has acquired more than $4.3 billion in multifamily assets. It operates 83 properties in 15 states.