New Mexico

Northmarq Negotiates Sale of 188-Unit Villas Esperanza Multifamily Property in Albuquerque

by Amy Works August 26, 2022

ALBUQUERQUE, N.M. — Northmarq has brokered the sale of Villas Esperanza, an affordable apartment property located at 3901 Lafayette Drive in Albuquerque. Aspen, Colo.-based Copper Street Capital sold the asset to Los Angeles-based Element Property Group for an undisclosed price. Cynthia Meister, Trevor Koskovich, Bill Hahn and Jesse Hudson of Northmarq’s investment sales team represented the seller in the transaction. Griffin Martin, Brandon Harrington, Bryan Mumman and Tyler Woodard of the Northmarq debt & equity team arranged financing for the buyer through its relationship with Freddie Mac. Built in 1972 on 10.5 acres, Villas Esperanza features 188 apartments in a mix of one-, two-, three- and four-bedroom layouts spread across 24 two-story residential buildings. The units offer either one or two bathrooms and range in size from 602 square feet to 1,128 square feet. The gated community features onsite laundry facilities, a children’s playground, barbecue grills and a picnic area. All units at the property are designated for residents earning 60 percent or less of the area median income with the project’s Land Use Restrictive Agreement (LURA) expiring in 2037. Additionally, 40 percent of the units, a total of 75, are project-based Section 8 housing with additional rent restrictions as …

August 26, 2022

Acquisitions New Mexico Retail Western

Newmark Negotiates Sale of Ashley HomeStore-Occupied Retail Building in Farmington, New Mexico

by Amy Works August 23, 2022

FARMINGTON, N.M. — Newmark has brokered the sale of a single-tenant retail building located at 5200 E. Main St. in Farmington. Johnston Real Estate Farmington sold the asset to an undisclosed public REIT for $6.5 million. Matt Berres, Samer Khalil and Karick Brown of Newmark’s Net Lease Capital Markets group, along with John Ransom of Colliers, represented the seller in the deal. Ashley HomeStore occupies the property on a long-term, passive double net-lease basis. The retail furniture store has more than 2,000 locations in 60 countries.

August 23, 2022

Acquisitions Multifamily New Mexico Western

Kennedy Wilson Acquires 260-Unit Cantata at the Trails Multifamily Community in Albuquerque

by Amy Works August 19, 2022

ALBUQUERQUE, N.M. — Kennedy Wilson has purchased Cantata at the Trails, a multifamily property in Albuquerque. Terms of the transaction, including the name of the seller and acquisition price, were not released. Constructed in 2013, the garden-style community features 260 apartments in a mix of one-, two- and three-bedroom layouts. Community amenities include a clubhouse, swimming pool, business center and fitness center, as well as communal grilling and lounging areas. Kennedy Wilson will immediately implement its management program, including physical improvements to the property and operational upgrades. The value-add strategy includes an investment in renovating unit interiors, refreshing common areas throughout the community and upgrading resident amenities to enhance the outdoor-oriented living environment at the property.

August 19, 2022

Acquisitions Multifamily New Mexico Seniors Housing Western

Tailwind Investment Buys 168-Unit Vista Grande Active Adult Community in Rio Rancho, New Mexico

by Amy Works August 17, 2022

RIO RANCHO, N.M. — California-based Tailwind Investment Group has acquired Vista Grande, an active adult community located at 4101 Meadowlark Lane in Rio Rancho. Aspen, Colo.-based Cooper Street Capital sold the asset for an undisclosed price. Built in 1972 on 10.9 acres, the 107,216-square-foot Vista Grande features 168 apartments in a mix of studio, one- and two-bedroom layouts ranging in size from 456 square feet to 807 square feet. At the time of sale, the community was fully leased. Cynthia Meister, Trevor Koskovich, Bill Hahn and Jesse Hudson of Northmarq’s Investment Sales team represented the seller in the deal. The transaction marks Tailwind Investment Group’s first purchase in New Mexico.

August 17, 2022

Acquisitions Multifamily New Mexico Seniors Housing Western

Blueprint Arranges Sale of 85-Bed Skilled Nursing Facility in New Mexico

by Amy Works June 24, 2022

NEW MEXICO — Blueprint Healthcare Real Estate Advisors has brokered the sale of an 85-bed skilled nursing facility in New Mexico. The property is one of New Mexico’s premier short-term rehab facilities, serving as the market-leading referral destination for the local market’s largest hospitals, according to Blueprint. It also features a 4-Star CMS-rated quality of care. The facility was experiencing census growth following an operator transition in 2019 as well as upward trending operating performance with total revenues exceeding $8.5 million. A regional owner-operator acquired the property. The seller and price were not disclosed.

June 24, 2022

Facebook-Data-Center-Los-Lunas-New-Mexico

Industrial Market Reports New Mexico Western Western Market Reports

After a Long Pause, Spec Industrial Returns to Albuquerque

by Jeff Shaw June 15, 2022

By Alex Pulliam, Land & Industrial Advisor, NAI SunVista It’s been a long time coming. Albuquerque hasn’t built speculative distribution warehouses in nearly two decades. However, the recent strength of the market is giving developers confidence to break ground – and investors are paying attention. Industrial activity has been lively, thanks to accelerated macro trends from the pandemic, as well as the legalization of recreational cannabis. Albuquerque’s industrial vacancy rates have remained below 1 percent for over two quarters. Prior to that, vacancy rates hovered around a then “historic low” in the 2 percent range since September 2019. The demand from users has continued to climb and tenants are facing lease rate increases. While needing more speculative warehouses should be a matter of basic economics, it is not always easy to build in a tertiary market that lacks the memory of growth. Historically, Albuquerque would only secure a few 50,000-square-foot users per year, along with the occasional 100,000-plus-square-foot user. This deterred developers from taking a chance on new construction. But times are changing. Large tenants are taking note of Albuquerque’s access, affordability and workforce, while existing users are seeking modern buildings for efficiency and growth. These factors, combined with rental rate …

June 15, 2022

Market Reports Multifamily New Mexico Western Western Market Reports

New Mexico’s Multifamily Market Heats Up

by Jeff Shaw June 8, 2022

Companies, Investors Court New Mexico’s Multifamily By Todd Clarke, CEO, NM Apartment Advisors Strong employment and changing post-pandemic lifestyles have led to a surge of demand for New Mexico’s multifamily rental market. Investments made more than a decade ago are paying off from SpacePort NM and the NM Rail Runner, as well as the film and television industries, which have made New Mexico the third best place to film in the country behind Los Angeles and New York. Although Santa Fe — the fifth best international destination and oldest state capital — remains undeserved by more than 6,484 units, the market is on track to deliver 1,500-plus units. This is well ahead of Albuquerque’s less than 1,000 new units. More development will hopefully continue, thanks to a new Integrated Dynamic Ordinance (IDO, or zoning), recent investments in mass transit expansion lines and a vibrant tech eco-system at the Innovation District in downtown Albuquerque. Several major employers have announced expansions in the market, including Intel (750 jobs), Netflix (3,000 jobs), Facebook/Meta (35 IT jobs, 1,500 construction jobs) and Amazon (four distribution facilities totaling more than 3,500 new jobs). Based on historic benchmarks, this creates an acute housing shortage in Albuquerque. Recent …

June 8, 2022

Acquisitions Loans Multifamily New Mexico Western

Northmarq Brokers Sale of Two Multifamily Properties in Albuquerque

by Amy Works June 1, 2022

ALBUQUERQUE, N.M. — Northmarq has arranged the sale of two apartment communities, The Courtyards and The Arbors, in Albuquerque. A Colorado-based private equity real estate company sold the assets to a California-based private real estate investment firm. Terms of the transactions were not released. Cynthia Meister, Trevor Koskovich, Bill Hahn and Jesse Hudson of Northmarq’s investment sales team represented the seller in the transactions. Brandon Harrington, Bryan Mummaw, Brad Burns and Tyler Woodard of Northmarq’s Debt & Equity team arranged acquisition financing for the two properties for the buyer. Located at 6001 Topke Place NE, the 188,512-square-foot The Courtyards features 232 apartments in a mix of one-, two- and three-bedroom layouts spread across 29 two-story residential buildings. Community amenities include two swimming pools, resident fitness and business centers, a volleyball court, children’s playground, dog park and three laundry facilities. Located at 4501 Shepard Road NE, The Arbors is a 155,072-square-foot garden-style property with 297 apartments in a mix of studio, one- and two-bedroom layouts spread across six three-story buildings. Onsite amenities include three swimming pools, a resident fitness center, dog park and three laundry facilities.

June 1, 2022

Acquisitions Multifamily New Mexico Seniors Housing Western

Mission Senior Living Buys Wheatfields Estates Seniors Housing Community in Clovis, New Mexico

by Amy Works May 3, 2022

CLOVIS, N.M. — Carson City, Nev.-based Mission Senior Living has acquired Wheatfields Estates Senior Living and Memory Care at 4701 N. Prince St. in Clovis, located in the eastern portion of the state near the Texas border. Wheatfields Estates offers independent living cottages, assisted living, memory care and respite care for seniors. Terms of the transaction were not released. The acquisition brings Mission Senior Living’s portfolio to seven properties in three states, including Three Rivers Estates Senior Living and Memory Care property, currently under construction in Farmington.

May 3, 2022

Acquisitions Arizona Multifamily New Mexico Western

IPA Brokers $201.7M Sale of Multifamily Portfolio in Phoenix, Albuquerque

by Amy Works April 25, 2022

PHOENIX AND ALBUQUERQUE, N.M. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of a three-property apartment portfolio in Arizona and New Mexico. JB Partners sold the assets to Bridge Investment Group for $201.7 million. The portfolio includes the 296-unit Villages at Metro Center, which was built in 1979 on 11 acres in Phoenix; the 273-unit Crystal Creek, which was constructed in 1985 on eight acres in Phoenix; and the 216-unit Indigo Park, which was built in 1974 on 7.5 acres in Albuquerque. Steve Gebing and Cliff David of IPA represented the seller and procured the buyer in the transaction. Ryan Sarbinoff of Marcus & Millichap served as broker of record in New Mexico.

April 25, 2022

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