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VIRGINIA BEACH, VA. — Hamilton Zanze has sold Maple Bay Townhomes, a 414-unit apartment community located at 356 S. Chesire Court in Virginia Beach. The buyer and sales price were not disclosed.
The San Francisco-based seller originally acquired the property in 2019 and improved net operating income by 35 percent due to comprehensive capital improvements made over the course of its ownership. These renovations included roof replacements, the repainting of building exteriors and upgrades to the apartment homes, pool area and other common-area amenities.
Maple Bay was built in 1971 and features one-, two- and three-bedroom units sized from 1,000 to 1,400 square feet. The property represents Hamilton Zanze’s third disposition this year.