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ALBUQUERQUE, N.M. — Philadelphia-based NWJ Albuquerque Investment Fund II LLC has purchased Theta Apartments, a 49-unit apartment community located in Albuquerque, for $2.3 million. Built in 1972, the five-building community consists of 48 two-bedroom/two-bath units and one one-bedroom/one-bath manager’s unit. At the time of acquisition, the property was 97 percent occupied. Kunal Chothani of Investment Property Advisors represented the buyer; Pat Frerkes of Sperry Van Ness/Pat Frerkes Investments LLC represented the seller, Littleton, Colo.-based SIDMAR LLC, in the transaction.