Hamilton Zanze & Co., a San Francisco-based real estate investment firm has acquired its second Kansas City-area apartment complex since March.
The company bought Cornerstone Apartments in Independence in a deal that closed on April 4. Hamilton Zanze did not disclose the price or the seller.
Located at 3950 S. Jackson Drive near Interstates 70 and 470, the 420-unit complex was built in 2004 and includes one- and two-bedroom units. The company did not disclose the occupancy for Cornerstone Apartments. The overall vacancy rate in the Independence submarket was 3.7 percent in the fourth quarter, with an average rent of $739, according to NorthMarq.
Hamilton Zanze said it plans to update some features in the clubhouse and add a dog park and package storage system. The company also plans to upgrade flooring, appliances and lighting fixtures in the apartments.
Mission Rock Residential, a Denver-based affiliate company of Hamilton Zanze, will manage the complex.
Hamilton Zanze bought Metcalf Village Apartments in Overland Park from Tennessee-based J.A. Murphy Group in March. That was Hamilton Zanze’s first entry into the Kansas City market.
Founder and CEO Mark Hamilton told the Kansas City Business Journal that the company has been looking at the market for several years and finally found the right opportunities. Those two acquisitions may be followed by additional deals, he said.
“We certainly have remaining interest in picking up more properties in KC,” Hamilton said.