New Mexico

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

by Amy Works April 26, 2021

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, The Grove was built in 1985 and features 59 units ranging from 650 square feet to 950 square feet spread across eight buildings. Additional amenities include 87 uncovered parking spaces and a common area with a pool. Built in 1972 at 301 Lori Place NE, The Heights offers 20 units ranging from 807 square feet to 1,100 square feet and 30 parking spaces. The joint venture plans to implement institutional-grade property management at the properties and perform interior and exterior renovations to reposition the assets. Interior improvements will include painting, installing new flooring and updating lighting, cabinet and fixtures in kitchens and bathrooms. Exterior renovations will include new paint and improvements to the buildings’ façades, landscaping and lighting in addition to clubhouse and common-area amenity renovations.

April 26, 2021

Acquisitions Loans Multifamily New Mexico Western

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

by Amy Works February 17, 2021

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 Koskovich, Bill Hahn, Jesse Hudson of NorthMarq’s Phoenix office brokered the sale. Brandon Harrington, Bryan Mummaw and Tyler Woodard of NorthMarq’s Phoenix debt/equity team financed each acquisition for the buyer with Freddie Mac loans.

February 17, 2021

Development Loans Multifamily New Mexico Western

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

by Amy Works February 4, 2021

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 within the residential development that will include more than 1,000 rental units at build-out. Designed to reach LEED Gold certification, ViaVerde offers units with Energy Star-rated appliances, WaterSense plumbing fixtures and 16+ SEER air conditioning units, as well as other measures to help residents reduce monthly utility bills. The property will also feature smart home technologies, including smart parking, smart lighting, thermostat control, entry access to units and common areas, leak detection and smart parcel lockers. Upon completion, The Trails will comprise more than 2,200 apartment units, 1,600 single-family units, 120,000 square feet of office and retail space, a hospital urgent care center, parks, trails, three schools and a church. Wexford Construction is serving as construction manager for the project.

February 4, 2021

Loans Multifamily New Mexico Western

Thayer Manca Residential Receives $23.9M in Fannie Mae Financing for Ottavo Apartments in Albuquerque

by Amy Works January 18, 2021

ALBUQUERQUE, N.M. — Thayer Manca Residential (TMR) has received a $23.9 million Orix Fannie Mae loan for the refinancing of Ottava Apartments in Albuquerque. TMR originally acquired the 200-unit property in August 2018. Previously Presidio, Ottavo Apartments recently underwent a $4 million renovation, including the addition of stainless steel appliances; LED light fixtures and new flooring in the units; and a reimagined clubhouse with remodeled game room and resident lounge, modernized fitness center with new cardio and strength equipment, package lockers and outdoor amenity enhancements.

January 18, 2021

Acquisitions Healthcare New Mexico Office Western

Montecito Medical Real Estate Purchases Lovelace Clinic Building in Albuquerque

by Amy Works January 4, 2021

ALBUQUERQUE — Nashville, Tenn.-based Montecito Medical Real Estate has acquired Lovelace Clinic Medical Office Building, a medical office and urgent care center in Albuquerque. Terms of the transaction were not released. Southwest Medical Associates, a subsidiary of Lovelace Health System, occupies the two-story, 69,539-square-foot facility. The primary care medical office portion of the building, which represents 43,200 square feet, opened in October 2017. In October 2020, a 26,339-square-foot expansion, including an urgent care center and specialty center, was added to the facility. The medical office facility offers 100 exam rooms with space to accommodate up to 40 providers. The urgent care portion provides walk-in treatment seven days a week. Scott Throckmorton of ARGUS Investment Realty, Peter Bauman and Tivon Moffitt of Institutional Property Advisors, and Andrew Milne of JLL brokered the transaction.

January 4, 2021

New Mexico Restaurant Retail Video Webinar Western

Webinar: New Mexico Retail Outlook — What Will New Mexico Retail Activity Look Like in 2021?

by Sarah Daniels December 17, 2020

The “New Mexico Retail Outlook — What Will New Mexico Retail Activity Look Like in 2021?” webinar, hosted by Shopping Center Business and Western Real Estate Business, covers the creative approaches taken retailers responding to COVID-19. Learn what retailers, restaurants and developers need to thrive and what our panelists anticipate for New Mexico retail in the near future. Development, trends, the shift to omnichannel business and much more make up this fascinating, one-hour panel. Topics discussed: How have New Mexico area retailers, restaurants and developers adapted to the COVID-19 environment? What do they need to succeed? What are the predictions for New Mexico retail occupancy rates in the coming year? How will retail rents and property values be impacted? What will be the impact on new development in the near term? What is the expectation for investment sales activity in 2021? How should retailers and retail property owners position themselves for recovery? What opportunities do New Mexico retail tenants, developers and investors see in a post-pandemic market? Panelists: Jeff Campbell, Carlsbad Department of Development (moderator) Bob Feinberg, Colliers International Tom Jones, Colliers International Anthony Johnson, Pegasus Group Ariana James West, Base 5 Retail Steve Maestas, Maestas Development Group Webinar sponsors: Carlsbad Department of Development: The …

December 17, 2020

Acquisitions Industrial New Mexico Self-Storage Western

LeClaire-Schlosser Group Brokers Sale of Climate-Controlled Storage Facility in Albuquerque

by Amy Works December 1, 2020

ALBUQUERQUE — The LeClaire-Schlosser Group of Marcus & Millichap has arranged the sale of Storage Bank, a self-storage facility located on San Pedro Boulevard in Albuquerque. A local limited liability company sold the asset to a national self-storage operator for an undisclosed price. The two-story, climate-controlled facility features a 24-hour surveillance system monitoring all entrances, two loading areas at the rear of the property, a commercial lift to access the second floor and an on-site manager’s apartment. Additionally, the asset features a ground-level retail space that a packing and shipping business occupies. Thomas Parsons, Adam Schlosser and Charles LeClaire of Marcus & Millichap represented the seller in the deal.

December 1, 2020

Arizona Company News Development Multifamily New Mexico Seniors Housing Western

Link Senior Development, Insight Senior Living Launch Ativo Senior Living Brand with Three Communities Planned

by Amy Works August 14, 2020

PORTLAND, ORE. — Link Senior Development and Insight Senior Living have launched the Ativo Senior Living brand, with three upcoming communities currently announced in the Southwest. The first property, Ativo Senior Living of Yuma, Arizona, is currently under construction with a planned opening in early 2021. The Portland-based company also has communities planned in Prescott Valley, Arizona; Buckeye, Arizona; Albuquerque, New Mexico; and other projects in various design phases throughout the Southwest. “This relationship between Insight Senior Living and Link Senior Development was forged based on our mutual enthusiasm for the health, well-being, and happiness of our vibrant senior population,” says Ron Ziebart, president and CEO Link Senior Development. Insight Senior Living specializes in new-development senior living communities, providing consulting during development and pre-opening and management services after opening. Link Senior Development focuses exclusively on the development and management of seniors housing.

August 14, 2020

Acquisitions Arizona Net Lease New Mexico Retail Western

Benson DBS Purchases Two Dollar General-Occupied Properties in Arizona, New Mexico for $3.3M

by Amy Works August 5, 2020

KINGMAN, ARIZ., AND SILVER CITY, N.M. — Benson DBS has acquired two retail properties for a total of $3.3 million. Dave Hammack of Cushman & Wakefield | PICOR represented the buyer in both transactions. Benson DBS company acquired a new Dollar General-occupied building located at 7265 E. Concho Drive in Kingman. SimonCRE Saltair II sold the asset for $1.7 million. Additionally, the company purchased a new Dollar General-occupied property at 1330 E. 32nd St. in Silver City from Silver City (E32) DNMP LLC for $1.6 million.

August 5, 2020

Loans Multifamily New Mexico Western

Paragon Mortgage Arranges $18.8M Refinancing for Two Multifamily Communities in New Mexico

by Amy Works July 30, 2020

CLOVIS, N.M. — Paragon Mortgage has secured a total of $18.8 million in refinancing for Raintree I and II, two apartment developments in Clovis. The Phoenix-based firm arranged $11.2 million and $7.6 million in loans for the two properties through the U.S. Department of Housing and Urban Development’s 223(a)(7) mortgage insurance program. The HUD program provided the owners with a low-interest, 40-year, fully amortizing, non-recourse financing to restructure and lower the current debt service. The properties offer a total of 256 market-rate apartments in a mix of one-, two- and three-bedroom layouts. Community amenities include a pool and spa, 24-hour fitness center, business center, garages, storage units, gas grills and in-unit washers/dryers.

July 30, 2020

Newer Posts

Older Posts