NEW YORK, Nov. 12, 2021 /PRNewswire/ -- A joint venture between a subsidiary of Cantor Fitzgerald Investors, LLC (together with its affiliates, "Cantor Fitzgerald") and Hamilton Zanze & Company ("Hamilton Zanze"), announced the sale of The Quarters at Towson Town Center in Towson, Maryland.
Cantor Fitzgerald, a sponsor of 1031 tax-deferred exchange investments, facilitated the sale on behalf of one of its 1031 exchange/Delaware statutory trust investment programs. Newmark, a leading national multifamily brokerage firm, represented the seller on the disposition.
Located at 900 and 960 Southerly Road, The Quarters at Towson Town Center is a 430-unit Class-A, mid-rise apartment community with high-quality finishes and large floor plans. Built in 2009 and renovated in 2019, the property features community amenities including two club rooms, two fitness centers, a swimming pool, a business center, and structured parking. The property is conveniently located in central Towson and near two highways providing excellent access to local and regional areas of interest in and around greater Baltimore.
"Since purchasing the property in August 2018 we implemented proactive asset management and completed value-add renovations, which kept occupancy above 94%, even throughout 2020, and ultimately positioned the property for a profitable exit for investors," commented Anthony Ly, Director of Dispositions for Hamilton Zanze.
"The profitable sale of The Quarters at Towson Town Center was a result of understanding the property's location, situated in the heart of the growing Towson market, and capitalizing on increased demand for institutional-quality multifamily assets," said Chris Milner, Head of Cantor Fitzgerald Investment Management.
Jay Frank, President of Cantor Fitzgerald Capital, added: "We are pleased to deliver an attractive return for investors with this sale, our second full-cycle DST transaction of 2021. The sale resulted in a total return of 130% (calculated based on the aggregate original investment) resulting in an internal rate of return ("IRR") of 10% over the approximately three-year hold period." 1
Cantor Fitzgerald's real estate investment management portfolio currently includes over 6,000 multifamily units and over 12.3 million square feet of office, industrial, multifamily and retail space across 160 properties. In the last two years, including the activity of our affiliate Newmark, Cantor Fitzgerald participated in more than $150 billion of total real estate transactions.
1 Calculated inclusive of sale proceeds, cash, distributions, and a release of reserve funds for the average investor.
About Cantor Fitzgerald, L.P. Cantor Fitzgerald, with over 12,000 employees, is a leading global financial services group at the forefront of financial and technological innovation and has been a proven and resilient leader for over 75 years. Cantor Fitzgerald & Co. is a preeminent investment bank serving more than 5,000 institutional clients around the world, recognized for its strengths in fixed income and equity capital markets, investment banking, SPAC underwriting and PIPE placements, prime brokerage, and commercial real estate, and for its global distribution platform. Cantor Fitzgerald & Co. is one of the 24 primary dealers authorized to transact business with the Federal Reserve Bank of New York. Cantor Fitzgerald is a leading SPAC sponsor, having completed multiple initial public offerings and announced multiple business combinations through its CF Acquisition platform. For more information, please visit www.cantor.com.
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 $5.3 billion in multifamily assets primarily in the Western, Southwestern, and Eastern U.S. The company currently owns and operates 97 properties (21,673 units) across 15 states and 29 markets. For more information, please visit https://hamiltonzanze.com/.