REBusinessOnline

Titan Completes 92-Unit Highlands North Multifamily Property in Albuquerque

ALBUQUERQUE, N.M. — Titan Development has completed the construction of Highlands North, an apartment community located at 200 Mulberry St. NE in downtown Albuquerque. Lease-up is underway at the 92-unit property, which was built in partnership with Alliance Residential. Greystar will serve as property manager for the community.Situated on 2.4 acres, the development includes a four-story building and four surrounding carriage buildings, a clubhouse, fitness center and resort-style pool. …

Development, Multifamily, New Mexico, Western

Kennedy Wilson Acquires Sombra del Oso Apartments in Albuquerque for $65M

ALBUQUERQUE, N.M. — Kennedy Wilson has acquired Sombra del Oso, a wholly owned apartment property located on 16 acres on Albuquerque’s Westside, for $65 million, excluding closing costs, in an off-market transaction.Situated on 16 acres, the two-story, garden-style community features 344 apartments.The buyer invested $28 million of equity using proceeds generated from recent asset sales and secured a 10-year, fixed-rate loan of $39 million. The name of the seller was not

Acquisitions, Multifamily, New Mexico, Western

Market-Rate Multifamily Units Rapidly Increase in Santa Fe

By Billy Eagle and Erik Olson, Senior Vice Presidents of Investment Properties, Multifamily, CBREIn Albuquerque, New Mexico’s largest city, multifamily demand remains high. Rents have steadily increased, though multifamily development remains sluggish due to the lack of developable land sites and geographic constraints. Most other New Mexico cities are also seeing a small pipeline of new multifamily projects due to increased material costs. However, contrary to other cities in New …

Market Reports, Multifamily, New Mexico, Western, Western Market Reports

New Mexico is Primed for Industrial Growth

By Tim With, Senior Vice President, ColliersThe amount of empty space in New Mexico’s industrial market has shrunk to unforeseen levels. Albuquerque, the state’s largest MSA, reported a total of 41.5 million square feet of industrial space and only a 2.4 percent vacancy rate at the end of 2020. Absorption levels have increased through the first quarter of 2021, and available inventory is becoming difficult to find as the vacancy is down to 1.9 percent. Albuquerque has been on the …

Industrial, Market Reports, New Mexico, Western, Western Market Reports

LeClaire-Schlosser Group Brokers Sale of Dona Ana Storage Facility in Las Cruces, New Mexico

LAS CRUCES, N.M. — The LeClaire-Schlosser Group of Marcus & Millichap has arranged the sale of Dona Ana Storage, a self-storage property in Las Cruces. Haggar Group acquired the asset. Terms of the transaction were not released.The buyer has rebranded the facility as StorWise Self Storage. The property features 273 non-climate-controlled units with tilt-up concrete exterior walls, metal Kynar-coated roofs, concrete drive aisles, LED lighting, security cameras, an on-site management …

Acquisitions, Industrial, New Mexico, Self-Storage, Western

Titan Starts Construction of 158-Unit Allaso Journal Center Multifamily Project in Albuquerque

ALBUQUERQUE, N.M. — Titan Development has broken ground on Allaso Journal Center, a 175,000-square-foot apartment community within Albuquerque’s Journal Center district.Situated on 3.9 acres, the four-story Allaso Journal Center will feature 158 market-rate apartments and resort-style amenities, including a pool, spa, cabanas, barbecue grills and gathering spaces. Units will offer high-quality finishes, nine- to 10-foot ceilings and private roof decks.Completion is scheduled for …

Development, Multifamily, New Mexico, Western

Quantum Real Estate Negotiates $6.6M Sale of Multi-Tenant Shopping Center in Albuquerque

ALBUQUERQUE, N.M. — Quantum Real Estate Advisors has arranged the sale of The Shoppes at Alameda, a retail property located at 3410 Highway 528 in Albuquerque. A Florida-based private real estate investor acquired the asset from a California-based private real estate investment firm for $6.6 million.At the time of sale, the property was 100 percent occupied. Current tenants include Jason’s Deli, Starbucks Coffee, The Joint, Baskin Robbins, uBreakiFix, Minerva Canna and other local …

Acquisitions, New Mexico, Retail, Western

RanchHabor, Westgrove Partners Acquire Value-Add Multifamily Portfolio in Albuquerque

ALBUQUERQUE, N.M. — A joint venture partnership between RanchHarbor and Westgrove Partners has purchased a two-property multifamily portfolio in Albuquerque. Terms of the transaction, including the name of the seller and acquisition price, were not released.The properties, Candlewood Village and Candelaria Heights, have been rebranded to The Grove and The Heights at Tramway, respectively. The two assets offer a total of 79 garden-style apartments.Located at 12050 Candelaria Road NE, …

Acquisitions, Multifamily, New Mexico, Western

NorthMarq Negotiates Sale, Financing of 735-Unit Multifamily Portfolio in Albuquerque

ALBUQUERQUE — NorthMarq has arranged the sale of a three-property apartment portfolio located in Northeast Albuquerque. Orange County, Calif.-based Laguna Point acquired the assets from Portland, Ore.-based PacifiCap Properties Group for an undisclosed price.Totaling 735 apartments, the portfolio includes Jefferson Crossing, Aztec Village and Arioso. The acquisition is the buyer’s seventh purchase in the market.Cynthia Meister of NorthMarq’s Albuquerque office and Trevor …

Acquisitions, Loans, Multifamily, New Mexico, Western

Trez Capital Closes $52M Construction Loan for ViaVerde Multifamily Developments in Albuquerque

ALBUQUERQUE, N.M. — Trez Capital has closed on a $52 million construction loan for ViaVerde, a 171-unit for-rent townhome project, and ViaVerde II, a 154-unit garden-style apartment community, in Albuquerque. Sonata Green, a joint venture between Sonata Trails and MultiGreen Properties, is developing the rental townhome community, which is located within The Trails, a 400-acre, mixed-use, master-planned community.Situated on 11.6 acres on Universe Boulevard NW, ViaVerde is the first phase …

Development, Loans, Multifamily, New Mexico, Western
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