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

by Amy Works

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 specified in the Housing Assistance Program contract that expires in 2039.

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