Mission Rock Expands DC Management Portfolio
- Nov 29, 2019
Hamilton Zanze has chosen its management subsidiary, Mission Rock Residential, to oversee operations at Oasis at Montclair Apartments, a 244-unit property near Washington, D.C. The owner acquired the 12-building multifamily asset earlier this month for $64.3 million from Azure Partners.
Located at 16500 Stedham Circle in Dumfries, Va., on a 15-acre plot, the Class A community is 20 miles outside the Beltway, 35 miles south of Washington D.C. The property is near Prince William Forest Park and the Potomac River. A Target-anchored retail center is along the western edge of the asset, with other shopping and dining options in the surrounding areas.
Built in 2014, Oasis at Montclair consists of one-, two- and three-bedroom apartment homes, with floorplans from 781 to 1,418 square feet. Common-area amenities include a swimming pool, dog park, playground, car care center, fitness center and clubhouse with a theater room. Reserved parking is available at a monthly charge, and the property also offers part-time and corporate leases.
The community was 97.5 percent occupied as of October, according to Yardi Matrix, exceeding the Northern Virginia average of 95.7 percent. Despite falling behind the national average, the wider Washington, D.C. multifamily market has made positive strides, with rents growing 3.5 percent year-over-year through June.