Albuquerque is a hidden gem. It isn’t a huge market when compared to places like Seattle, Austin or Denver, but that doesn’t mean there isn’t room for growth and development. The Urban Land Institute predicts Albuquerque’s development will trail other metros with stronger economies in 2018. But there are positive trends and developments for Albuquerque and the surrounding areas, which can make us competitive. A new Facebook data center was built in Los Lunas, a 30-minute drive from Albuquerque. This has created new jobs for the Los Lunas and Albuquerque areas. Anywhere from 800 to 1,000 workers go through the data center every day, and 80 percent of them are from New Mexico. The center will have a $2 billion impact on the state and metro areas, leading to more jobs and opportunities for the region. Albuquerque will also take part in the “Facebook Community Boost Program.” The program helps the community by offering free workshops, business training and networking to boost careers. More companies like Facebook can be recruited to New Mexico as long as we make the area business-friendly and retain talent so everyone can succeed. With more jobs and opportunity, there will be an immediate need for …
New Mexico
CLOVIS, N.M. — AAG Management has purchased a single-tenant retail property located 1905 N. Prince St. in Clovis. An undisclosed seller sold the property for $9 million. Albertsons Market occupies the 43,484-square-foot building. Matt Berres of JLL’s Capital Markets represented the seller in the deal.
SANTA FE, N.M. — Titan Development Real Estate Fund I has broken ground on Broadstone Rodeo, a multifamily project in Santa Fe. Developed along with Alliance Residential, Broadstone Rodeo is the sixth project for the partnership. Slated to open in 2019, the property will feature 188 apartments in a mix of one-, two- and three-bedroom layouts, gated entrances, a lounge, entertainment room, patios, covered parking, resort-style pool and fitness center. This investment will be the fund’s first in the multifamily sector, and the first significant Class A multifamily property to be built in Santa Fe in 20 years, according to the developer.
FARMINGTON, N.M. — SVN|Chicago Commercial has arranged the sale of retail ground lease located at 3560 E. Main St. in Farmington. An institutional buyer acquired the property from a private investment group for $9.1 million. The Home Depot occupies the property on an absolute triple-net lease basis. Tim Franz of SVN|Chicago Commercial represented the seller in the transaction.
ALBUQUERQUE — Marcus & Millichap has brokered the sale of a Motel 6, located at 1701 University Blvd. NE in Albuquerque. The 117-room property, which was renovated in 2015, sold for an undisclosed price. Allan Miller, Chris Gomes and Joseph Jaques of Marcus & Millichap’s Dallas office represented the seller, a limited liability company, and buyer, another limited liability company. Matthew Reeves of Marcus & Millichap was the broker of record in New Mexico.
Capital One Provides $11.3M HUD Refinancing for Assisted Living Community in New Mexico
by Nellie Day
CLOVIS, N.M. — Capital One has provided a $11.3 million HUD refinancing for Wheatfields Senior Living Community, a 101-bed assisted living facility in Clovis, near the Texas border. Wheatfields opened in 2008 as five detached independent living cottages. The assisted living building was added in 2011. The transaction allows the borrower to replace bank debt with long-term financing and recoup capital expenditures on the property. Joshua Rosen of Capital One originated the fixed-rate loan, which has a term of 35 years.
ALBUQUERQUE, N.M. — CFH Investment Partners has purchased the 456-unit Diamond Mesa apartment community in southwest Albuquerque for an undisclosed sum. The community is located at 2300 Diamond Mesa Trail SW. Diamond Mesa was built in 2015. It is situated near one of six Facebook data centers currently under construction just south of Albuquerque. Property amenities include a social lounge with game tables, resort-style pool area, fitness facility, business center and a barbeque grilling area. Each of the one- to three-bedroom units includes nine-foot ceilings, patios and balconies, and full size washers and dryers. Select units include walk-in closets and a separate laundry room. CBRE arranged the transaction.
MorningStar, Confluent Start Construction of 77-Unit Seniors Housing Community Near Albuquerque
by Nellie Day
RIO RANCHO, N.M. — Co-developers MorningStar Senior Living and Confluent Senior Living have broken ground on MorningStar of Rio Rancho, a 77-unit assisted living and memory care community in the Albuquerque suburb of Rio Rancho. The 70,863-square-foot development will be situated on 5.5 acres. It will feature 51 assisted living suites and 26 memory care suites. The co-developers plan to open an information center onsite by May 2018, and complete construction in December 2018. The project represents the 11th joint venture between affiliates of MorningStar, a Denver-based owner-operator, and Confluent Senior Living, a subsidiary of Confluent Development, a Denver-based real estate investment and development firm. Confluent is the project owner and MorningStar will serve as the operator. Rosemann & Associates is serving as the architect for the new development, New Mexico-based Bradbury Stamm Construction is the general contractor and Thoma-Holec Design is the interior designer. The development marks the second MorningStar Senior Living community in metro Albuquerque, with MorningStar and Confluent completing MorningStar Assisted Living & Memory Care of Albuquerque in February 2016. Confluent sold the Albuquerque community to Harbert Seniors Housing Fund in July, with MorningStar maintaining its role as operator. The MorningStar and Confluent partnership continues its growth …
ALBUQUERQUE, N.M. — CFH Investment Partners has purchased the 456-unit Diamond Mesa apartment complex near downtown Albuquerque for an undisclosed sum. The community is located at 2300 Diamond Mesa Trail SW. Diamond Mesa was built in 2015. Amenities include a social lounge with game tables, resort-style pool area, fitness facility, business center and a barbeque grilling area. The community is situated near one of six Facebook data centers currently under construction just south of Albuquerque. CFH plans to hold the asset long-term. CBRE represented the undisclosed seller in this off-market transaction.
LAS CRUCES, N.M. — Campus Advantage has been awarded management of The Flats at Ridgeview, a 252-bed student housing community located near New Mexico State University and the Burrell College of Osteopathic Medicine in Las Cruces. The property is currently under development, and is set to open in fall 2018. The garden-style community will feature one- and two-bedroom units. Shared amenities will include a pool, fitness center, four study rooms, a conference room, clubhouse and game room.