ALBUQUERQUE, N.M. — Marcus & Millichap has arranged the sale of a retail building located at 1600 Desert Surf Circle NE in Albuquerque. A limited liability company acquired the asset for an undisclosed price. The name of the seller was not released. TopGolf occupies the 25,525-square-foot property, which was built in 2021, on a net-lease basis. Mark Ruble and Chris Lind of Marcus & Millichap’s Phoenix office, along with Matthew Reeves of the firm’s New Mexico office, handled the transaction.
ALBUQUERQUE, N.M. — TriWest Multifamily has purchased Monterra Apartments, a 312-unit multifamily community located at 4217 Louisiana Blvd. NE in Albuquerque. Vukota Capital Management sold the asset for an undisclosed price in an off-market transaction. Built in 1972, Monterra Apartments features 132 one-bedroom/one-bath units, 96 two-bedroom/one-bath units and 84 two-bedroom/two-bath units. Each unit features stainless steel appliances, dishwashers, granite countertops, washers and dryers and air conditioning. Community amenities include a clubhouse, pet play area, business center, lounge and playground. David Suah of Sub Sahara Group represented the seller, while TriWest Multifamily was represented in-house.
FARMINGTON, N.M. — Marcus & Millichap has arranged the sale of Starbucks Shops at Largo Square, a retail center located at 4337 E. Main St. in Farmington. An unnamed limited liability company sold the asset to an undisclosed buyer. The acquisition price was not released. Austin Snedden, Ryan Bowlby and Drew Isaac of Marcus & Millichap’s Denver office represented the seller in the transaction. Matthew Reeves, also with Marcus & Millichap, served as broker of record. Starbucks Shops at Largo Square feature 9,000 square feet of retail space.
ALBUQUERQUE, N.M.— HiCap Management has completed the sale of a two-property apartment portfolio in Albuquerque. A private buyer acquired the two assets, totaling 196 units, for an undisclosed price. The portfolio includes the 136-unit Chelsea Village Apartments and the 60-unit Marquee Village Apartments. Chelsea Village Apartments was built in phases between 1964 and 1968 and Marquee Village was built in 1950. Chelsea Village consists of 13 two-story buildings and offers a mix of one-, two- and three-bedroom layouts, while Marquee Village consists of two two-story buildings with a mix of one- and two-bedroom townhouses. HiCap renovated the common spaces and upgraded selected units at the properties, which the company acquired in 2017 and 2018. Erik Olson and Billy Eagle of CBRE represented the seller and buyer in the deal.
SANTA FE, N.M. — Benderson Development has acquired two tracts of land ground-leased to Plaza Santa Fe, a 450,000-square-foot power center in Santa Fe. Truzaf LP sold the asset for an undisclosed price. The leases commenced in two phases, one in 1998 with the region’s only Target store and a newly refurbished Albertsons Market Street, and the second in 2000 with the opening of TJ Maxx, Ross Dress for Less, BestBuy, Michaels and PetSmart. Located at the intersections of Cerrillos Road, Zafarano Drive and Rodeo Road, the retail center has more than 1,000 lineal feet of street frontage on Cerrillos Road and 3,000 square feet of footage on Zafarano Drive. Target, BestBuy, Albertsons, Ross Dress for Less, TJ Maxx, Michaels, PetSmart, Ulta Beauty, Total Wine & More, Panera Bread, Five Guys and Buffalo Wild Wings are tenants at the retail center. The tracts’ combined 1.2 million gross square feet of land includes 717 parking stalls. Bill Rose of Institutional Property Advisors, a division of Marcus & Millichap, and Matt Reeves, Marcus & Millichap’s broker of record in New Mexico, represented the seller and procured the buyer in the transaction.
SANTA FE, ALBUQUERQUE AND RIO RANCHO, N.M. — Titan Development has completed the disposition of four self-storage assets in New Mexico. Extra Space Storage Inc. (NYSE: EXR) acquired the 380,000-square-foot portfolio for an undisclosed price. The properties are the 88,000-square-foot Extra Space Storage Vegas Verde and the 101,000-square-foot Extra Space Storage Rodeo Business Park in Santa Fe; the 103,000-square-foot Extra Space Storage Ladera Road and Unser Boulevard in Albuquerque; and the 88,000-square-foot Extra Space Storage Corrales and 528 in Rio Rancho. The facilities were the final four self-storage assets within Titan’s inaugural fund, Titan Real Estate Development Fund I (TDREF I), a $112 million private-equity real estate fund established in 2017 to raise and invest capital in $350 million of Titan’s investment opportunities across the industrial, multifamily, self-storage and seniors housing sectors.
RIO RANCHO, N.M. — Hawkins Cos. has completed the disposition of Mesa Center, a retail property located in Rio Rancho. Gibson Medical Center acquired the asset for $4.7 million. At the time of sale, the 29,077-square-foot property was fully leased to 12 tenants. Perry Kesler of Real West Realty and Steve Julius, Jesse Goldsmith and Chase Dorsett of Newmark handled the transaction.
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. The apartment complex is the latest development in Titan’s 12-acre, mixed-use, master-planned The Highlands project. The company is working with Maestas Development Group to redevelop the five-block region in downtown Albuquerque. The project was funded by the Titan Development Real Estate Fund I, a $115 million private equity real estate fund established in 2017 to raise and invest equity in approximately $300 million of Titan Development’s investment opportunities, focused heavily on multifamily.
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 released.
By Billy Eagle and Erik Olson, Senior Vice Presidents of Investment Properties, Multifamily, CBRE In 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 Mexico, the northern New Mexico City of Santa Fe has seen a boom in multifamily development. Santa Fe’s highly resilient and fundamentally sound multifamily market is highlighted throughout the pandemic. The state capitol is renowned for its Southwest culture, luxurious resorts and world-class art markets. Its economic drivers include, but are not limited to, tourism (more than 1 million visitors per year), government (Los Alamos National Labs is located nearby), medical and boutique financial services. The Santa Fe apartment market had record occupancies at 96.91 percent in January 2021 and year-over-year rent growth of 7.6 percent. The average weighted rent was $1,102 per month among a total of 3,385 market-rate units. Nearly 16 months later, they are averaging almost $1,300 per month, an 18 percent increase. Santa Fe also added 503 market-rate units to …
