New Mexico

CPP Enters Santa Fe Market, Acquires Two Affordable Housing Communities for $41.8M

by Amy Works October 25, 2023

SANTA FE, N.M. — Community Preservation Partners (CPP) has entered the Santa Fe market with the acquisition and planned renovation of two multifamily communities — Sangre De Cristo Apartments and Santa Fe Apartments. Once renovated, the two communities will be restricted to households earning 60 percent or less of the area median gross income and will continue to benefit from project-based rental assistance. Located at 255 Camino Alire, Santa Fe Apartments features 64 units and was built in 1968. Sangre De Cristo Apartments, located at 1801 Espinacitas St., offers 164 units. Both communities offer one-, two- and three-bedroom layouts, with Sangre De Cristo also offering four-bedroom units. Renovation costs are estimated at $96,700 per unit. CPP’s total investment for both properties is approximately $93.7 million, which includes the combined purchase price of $41.8 million. CPP expects to complete renovations by December 2024. Project partners include the New Mexico Mortgage Finance Authority, US Bank and KeyBank.

October 25, 2023

Acquisitions Affordable Housing Multifamily New Mexico Western

CPP Acquires Two Affordable Housing Communities in Albuquerque for $22.8M

by Amy Works September 27, 2023

ALBUQUERQUE, N.M. — Community Preservation Partners (CPP) has purchased Mountain View II and III, two affordable multifamily properties in Albuquerque, for $22.8 million. CPP plans to renovate the properties, which share a contiguous block, and operate the assets as one development. The seller was not disclosed. Built in 1967 and 1968 respectively, Mountain View II and III are located at 1515 and 1333 Columbia Drive SE, approximately four miles from downtown Albuquerque. In total, Mountain View Apartments offers 241 studio, one-, two- and three-bedroom layouts spread across multiple two-story, garden-style buildings and townhouses. Community amenities include central laundry facilities, off-street parking, a picnic area, playground and on-site management. CPP’s total development investment is approximately $65.8 million, which includes the purchase price and estimated per-unit renovation cost of $95,078. Along with extensive work to repair a burnt building, the total site renovation will bring modernization, ADC compliancy, energy efficiency and improved security to the community. Renovations are scheduled for completion in December 2024. Project partners include New Mexico Mortgage Finance Authority; KeyBank, which secured construction and debt financing through Freddie Mac; and R4, which will provide equity financing.

September 27, 2023

Acquisitions Multifamily New Mexico Seniors Housing Western

SLIB Arranges Sale of Two Seniors Housing Communities in Albuquerque, New Mexico

by Amy Works August 28, 2023

ALBUQUERQUE, N.M. — Senior Living Investment Brokerage (SLIB) has arranged the sale of two assisted living communities in Albuquerque. The communities were built in 1972 and 1982, with renovations in 2011 and 2015. The properties are 3,176 and 7,880 square feet and are situated on approximately 0.38 and 0.6 acres of land. The seller was a mom-and-pop owner divesting to retire from the industry. The buyer is an owner-operator expanding its presence in the West. This is the buyer’s first acquisition in New Mexico. The price was not disclosed. Vince Viverito and Matthew Alley of SLIB handled the transaction.

August 28, 2023

Market Reports Multifamily New Mexico Western Western Market Reports

Multifamily Demand Continues in New Mexico

by Jeff Shaw August 1, 2023

— By Robert Gallegos, Senior Vice President, The Mogharebi Group — New Mexico is rapidly becoming an important multifamily market for both investors and developers as the state experiences explosive job and population growth, which is expected to continue on an upward trajectory over the next five to 10 years. While Albuquerque remains the most targeted multifamily market in the state, it is worth noting that the tertiary market of Santa Teresa — near El Paso and the Mexico border — is becoming a hotbed for multifamily investment. Santa Teresa is a key inland port serving as a strategic focal point for intermodal shipments in the Southwestern U.S., with more than 6 million square feet of industrial space in use and nearly 1 million square feet under construction. As more jobs flood into New Mexico, the demand for quality rental housing will continue to far outstrip supply. With a population of more than half a million people and counting, it is no wonder Albuquerque is seeing the bulk of investment activity. The city has drawn an influx of new residents thanks to its diverse economy, relatively affordable cost of living and quality of life. According to Numbeo, one of the largest cost-of-living …

August 1, 2023

Market Reports New Mexico Retail Western Western Market Reports

The Good, the Bad of New Mexico’s Retail Market

by Jeff Shaw July 25, 2023

— By Anthony Johnson, AJ Johnson and Chris Fiello, Pegasus Group — New Mexico is no different than the rest of the nation and is not immune to some of the same symptoms that are taxing the national retail market. However, New Mexico retail is also showing signs of resilience as it reshapes itself and finds ways to weather the storms of high interest rates, major brand closures, economic uncertainty and crime. As of now, the big issue is in the theft and resale of retail goods. Indeed, the problem of brazen theft — which is seen in countless cites in the nation — has led New Mexico Gov. Lujan Grisham to announce the revival of the Governor’s Organized Crime Prevention Commission. The hopes are to crackdown on this behavior, which is having a detrimental impact on the bottom line for New Mexico businesses, especially small ones. This onslaught of petty shoplifting to organized sprees of large-scale theft has caused retailers large and small to exit locations. Target, for example, announced in May that it was preparing for a loss of half a billion dollars this year because of rising theft. In 2023, New Mexico saw multiple store closures, including several …

July 25, 2023

Acquisitions New Mexico Retail Western

Westwood Financial Sells 37,442 SF Sycamore Plaza Shopping Center in Albuquerque

by Jeff Shaw July 19, 2023

ALBUQUERQUE, N.M. — Westwood Financial has sold Sycamore Plaza, a 37,442-square-foot shopping center in Albuquerque, for an undisclosed price. Petsmart anchors the property, which was fully occupied at the time of sale. Other tenants include Sally Beauty, Einstein Bros. Bagels, Stretch Zone, GNC, Super Cuts and GameStop. CBRE National Retail Partners represented Westwood in the transaction.

July 19, 2023

Market Reports New Mexico Office Western Western Market Reports

Higher-Quality Properties, Downsizing Drive Strong Office Leasing Activity in New Mexico

by Jeff Shaw July 18, 2023

— By John Ransom, Senior Vice President and Principal, Colliers — Albuquerque MSA office users continue to closely evaluate real estate decisions post-pandemic. The leasing trend is pivoting toward quality properties with landlords upgrading their building systems, security and amenity offerings. Tenant improvement costs are central to lease negotiations, so matching a tenant with space that requires the least amount of renovations to meet their needs is critical for both the tenant and the landlord to make a deal. In any event, tenants often have to share in the TI costs with upfront capital or amortizing a portion of the construction expense into the rental rate. This leads to longer lease terms and additional lease securitization requirements. Beneficial occupancy and other creative incentives are also being offered by landlords in lieu of additional tenant improvement dollars. Companies looking to downsize are considering a trade up in building/space quality. The upgrade has little impact to overall real estate expense, while improving the working conditions for their employees and ability to recruit in a competitive hiring climate. The office vacancy rate has steadily decreased to about 12 percent from a high of 20 percent five years ago. The bulk of vacancies are …

July 18, 2023

Acquisitions Net Lease New Mexico Retail Western

Hanley Brokers Sale of 3,331 SF Retail Property in Albuquerque

by Jeff Shaw July 13, 2023

ALBUQUERQUE, N.M. — Hanley Investment Group Real Estate Advisors has arranged the sale of a 3,331-square-foot, single-tenant retail property in Albuquerque. Raising Cane’s Chicken Fingers occupies the building on a 15-year, triple-net lease. Bill Asher, Jeff Lefko and Jeremy McChesney of Hanley represented the seller and developer, TradeCor LLC, in the transaction, in association with ParaSell Inc. Greg Swedelson and Jon-Eric Greene of SSG Realty Partners represented the buyer, an undisclosed private investor.

July 13, 2023

Mesa-Del-Sol-Innovation-Park-Mesa-Del-Sol-NM

Industrial Market Reports New Mexico Western Western Market Reports

Albuquerque’s Industrial Market Is Booming

by Jeff Shaw July 11, 2023

— By Will Strong, Executive Vice Chair, Industrial Capital Markets, Cushman & Wakefield — Albuquerque has emerged as a vibrant hub for industrial development, showcasing a thriving economy and a favorable business climate. With its strategic location, robust infrastructure and supportive policies, the city has become an attractive destination for ecommerce and logistics companies seeking growth and expansion. Situated in the heart of the Southwest, Albuquerque enjoys a prime location that serves as a gateway to various markets. It is conveniently connected to major transportation networks, including interstates 25 and 40, making it accessible for shipping goods across the region. The city is served by the Albuquerque International Sunport, facilitating efficientair freight and business travel. The market’s availability of reliable utilities, such as water, electricity and high-speed internet, further strengthens the city’s industrial ecosystem. The Albuquerque industrial market grew more than 300,000 square feet in the past year. Demand has been strong enough to continually outpace deliveries, enabling vacancies to tighten below the historical average, according to CoStar. Vacancies have fallen to just 2.4 percent, well below the national average of 4.5 percent. Albuquerque has a diversified base of industries, led by aerospace, high-tech manufacturing, distribution and logistics, technology and …

July 11, 2023

Development Multifamily New Mexico Seniors Housing Western

Insight Senior Living Breaks Ground on 144-Unit Ativo of Albuquerque Seniors Housing Community

by Jeff Shaw May 10, 2023

ALBUQUERQUE, N.M. — Insight Senior Living has broken ground on Ativo of Albuquerque, a three-story independent living, assisted living and memory care community in Albuquerque. Situated on 6.5 acres, Insight Senior Living will be the operator and Link Senior Development arranged financing. Ativo of Albuquerque will offer 144 apartments. The community is scheduled to open in winter 2024.

May 10, 2023

Newer Posts

Older Posts