RICHMOND, VA - San Francisco-based real estate investment firm Hamilton Zanze announced the sale of Hunter's Chase Apartments in the desirable Chesterfield County submarket of Richmond, Virginia. The group purchased the property in 2017.
During their ownership, Hamilton Zanze completed a successful unit renovation campaign, an office and gym renovation, landscaping improvements, siding replacement and paint, balcony and deck repairs, and asphalt improvements.
"Hunter's Chase is one of our early northeast acquisitions. In a partnership with Aegon Asset Management, over $8.5 million in property improvements were completed. Some of these improvements included a property-wide siding replacement, unit renovations, club house upgrades, and full window replacements. HZ's asset and project management teams were able to complete all property improvements within three years of acquisition," said Anthony Ly, senior director of dispositions at Hamilton Zanze. "The Hunter's Chase investment returns exceeded initial expectations and occurred in just five years, versus the projected 10-year hold period. We are grateful for our partnership with Aegon, who shared the same vision in realizing the upside in the property."
Hunter's Chase was built in 1986 and is located at 5200 Hunt Master Drive in Midlothian. The property comprises 320 one-, two-, and three-bedroom units averaging 816 square feet. The community features a resort-style swimming pool, 24-hour fitness center, tennis courts, self-service car wash, and two playgrounds with a rock-climbing wall.
Hunter's Chase is located just over 18 miles southwest of Downtown Richmond in the Chesterfield County submarket. Richmond's diverse economy is built around a mix of healthcare, government, and finance jobs. Major Richmond-area employers include Philip Morris USA, Amazon.com, the U.S. Department of State, the United States Postal Service, HCA Virginia Health System, Wal-Mart Stores Inc., and Anteon Corporation. Due to Chesterfield County's central location and excellent transportation infrastructure, the region has become a manufacturing and distribution hub, home to the headquarters of major manufacturers like DuPont and Honeywell, Inc.