Colliers International in Greater Phoenix recently completed the sale of the 228-unit Promontory Point Apartments, a Class B complex in Austin, Texas.
Hamilton Zanze of San Francisco purchased the complex, located at 2250 Ridgepoint Drive, from Promontory Point Holdings, LLC of Arcadia, Calif.
The transaction was brokered by Colliers Cooke Team, led by Cindy Cooke, senior executive vice president, and Brad Cooke, vice president, in Colliers International’s Phoenix office with Teresa Lowery, principal/partner, in Colliers’ Houston office.
“We are thrilled with the closing of Promontory Point with Hamilton Zanze. Based on our past experience, we knew they were the right buyer,” Cindy Cooke said.
Hamilton Zanze’s Acquisitions Senior Director David Nelson says of the transaction, “Promontory Point is a great addition to our portfolio. The Austin market has strong fundamentals, and we look forward to continuing to expand our presence there.”
Built in 1983, Promontory Point is a garden-style community with 17 buildings on 9.10 acres. Within 183,600 square feet, the unit mix is 48 studios, 120 one-bed/one-bath units, and 60 two-bed/two-bath units. Apartments were upgraded in 2007 with flooring, brushed nickel hardware, new appliances, and refinished countertops.
Capital improvements were completed in 2012. The exterior was painted, and the drainage and erosion system modified. Other upgrades included barrier fencing, new exercise equipment, signage and landscaping, pool resurfacing, gutter and downspout repairs, and office furniture and fixtures.
The complex originally had 18 buildings, but a fire in January 2013 razed one building and its 24 one-bedroom apartments. The seller had plans to rebuild with a different unit mix, but the project is on hold as Hamilton Zanze is in the process of deciding how to proceed.
“Hamilton Zanze is very familiar with the Austin market and recognized the immediate value that could be added to Promontory Point,” said Cindy Cooke.