HOUSTON, Sept. 15, 2021 /PRNewswire/ -- San Francisco-based real estate investment firm Hamilton Zanze (HZ) is pleased to announce the sale of The Point at Cypress Woods Apartments, located in the suburbs of Houston. HZ purchased the property the property in 2014 and the sale closed on August 25, 2021.
"The Point at Cypress Woods illustrates our ability to identify multifamily investment opportunities and increase value through upgrading the property, renovating units and improving management," said Anthony Ly, director of dispositions at Hamilton Zanze.
The Point at Cypress Woods was built in 1983 and is located at 11800 Grant Road in Cypress, Texas, a suburban community in the Northwest Houston metro area. The property comprises 530 one-, two-, and three-bedroom units featuring high ceilings, upgraded kitchen and bathrooms, washer and dryers, balcony or patios, fireplaces, skylights, and walk-in closets. Community amenities include a gated entrance, 24-hour fitness center, two swimming pools, spa/hot tub, playground, picnic area with barbecue grills, sundeck with lounge chairs, and three onsite laundry facilities.
During their ownership, Hamilton Zanze upgraded unit interiors with new appliances, flooring, and countertops. The company also improved community amenities including pool area enhancements, landscaping and irrigation repairs, carport installation, exterior roof/siding upgrades, and repainting all buildings. The Point at Cypress Woods was 94% occupied at the time of sale.
The property is close to several major employers in the market, such as St. Jude's Hospital (approximately six miles from property) and Hewlett-Packard (four miles from property). The community's location provides easy access to two major highways connecting residents to downtown Houston and surrounding cities. The Point at Cypress Woods is well-located in the city of Cypress, which is now ranked #50 among the top 100 highest-income urban areas in the U.S. by per capita income. It sits just outside of the Houston metro area, a significant economic and cultural center of the American South, and an area expected to see rapid population growth in the coming years.
ABOUT HAMILTON ZANZE
Hamilton Zanze (HZ) is a private, San Francisco-based real estate investment company that owns and operates apartment communities. Since its founding in 2001, Hamilton Zanze has acquired over $5 billion in multifamily assets primarily in the Western, Southwestern, and Eastern U.S. The company currently owns and operates 96 properties (21,975 units) across 15 states. For more information, visit www.hamiltonzanze.com.
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SOURCE Hamilton Zanze