ALBUQUERQUE, N.M. — Community Preservation Partners (CPP) has purchased Mountain View II and III, two affordable multifamily properties in Albuquerque, for $22.8 million. CPP plans to renovate the properties, which share a contiguous block, and operate the assets as one development. The seller was not disclosed.
Built in 1967 and 1968 respectively, Mountain View II and III are located at 1515 and 1333 Columbia Drive SE, approximately four miles from downtown Albuquerque. In total, Mountain View Apartments offers 241 studio, one-, two- and three-bedroom layouts spread across multiple two-story, garden-style buildings and townhouses. Community amenities include central laundry facilities, off-street parking, a picnic area, playground and on-site management.
CPP’s total development investment is approximately $65.8 million, which includes the purchase price and estimated per-unit renovation cost of $95,078. Along with extensive work to repair a burnt building, the total site renovation will bring modernization, ADC compliancy, energy efficiency and improved security to the community. Renovations are scheduled for completion in December 2024.
Project partners include New Mexico Mortgage Finance Authority; KeyBank, which secured construction and debt financing through Freddie Mac; and R4, which will provide equity financing.