What Prompted Hamilton Zanze to Sell Big
Investors everywhere want a piece of Phoenix's sizzling multifamily market, which has prompted Tony Zanze to put over 1,000 Tuscon apartment units on the market. He'll be joining us Tuesday for our first-ever Phoenix Multifamily and Condo Revolution event at the Omni Montelucia Scottsdale to tell us how they're taking advantage of all this capital.
Investors are willing to spend big for apartments here, the Hamiton Zanze co-founder tells us. "Right now, it's definitely a seller's market," he says. Which is perfect for Tony's business plan; he says his firm's goal is always a three- to five-year hold period, which these apartments fall into. (Colliers' Cindy Cooke, whom we spoke with last week, will broker the deals.)
But that doesn't mean Hamilton Zanze isn't opening its own wallet. Tony says it's under contract to pick up Los Arboles (with NY Life) in Chandler for an undisclosed sum. And it looks to acquire $250M in properties this year, mainly in Nevada, Arizona, and SoCal. Even with today's pricing, if you can pick up an apartment around a 6% cap and sell at 5.5% cap, you're still making money, he says. Join Tony and other top experts at our Phoenix Multifamily and Condo Revolution event this Tuesday, Sept. 30 starting at 7:30am. Great networking too! Sign up here.