Northmarq completes sale of two multifamily communities in Albuquerque, New Mexico
ALBUQUERQUE, NEW MEXICO (December 15, 2022) - Northmarq’s Investment Sales team of Cynthia Meister, Trevor Koskovich, and Jesse Hudson brokered the sale of two multifamily communities in Albuquerque, New Mexico, ABQ Encore located at 810 Eubank Blvd. NE and Uptown Horizon located at 7601 Lomas Blvd. NE. Northmarq’s Investment Sales team brokered the transaction for the sellers, ABQ Encore, LLC, and Uptown Horizon Apartments, LLC from Novato, California.
CS ABQ Encore, LLC and CA ABQ Uptown, LLC, ownership entities of Crescent Sky Real Estate Partners from New York, purchased both properties with loan assumptions and no new debt. The properties are the first two purchased in Albuquerque by Crescent Sky Real Estate Partners. The sale price for both properties is undisclosed.
“There was tremendous value add opportunities for both properties with operational changes and community improvements,” explained Meister. “The seller was exiting the Albuquerque market after completing the sale of a larger property in early 2022, so they wanted to sell ABQ Encore and Uptown Horizon together.”
ABQ Encore is a 129-unit, two-story, garden-style multifamily community. Built in 1971 the property was converted from a hotel to a multifamily property in 2017. The complex includes 108 studio units that are 331 sq. ft. and 21 one-bedroom units that are 551 sq. ft. There’s an opportunity to renovate the units original classic interiors, which include granite countertops, stainless steel appliances and wood-inspired flooring, to increase asking rents and maximize revenue. ABQ Encore community amenities include laundry facility, a 24-hour fitness center and pet park.
Built in 1961, Uptown Horizon is a 79-unit, two-story, garden-style community. The property roof was replaced in 2018, and 25 of the units underwent light upgrades with new kitchen appliance packages. Future renovations to the 55 studio units, and 24 one-bedroom units would provide for increased revenue opportunities. Uptown Horizon community amenities include a swimming pool, laundry facilities, outdoor grills and picnic areas.
Both ABQ Encore and Uptown Horizon are located in the northeast region of Albuquerque, in close proximity to Sandia National Laboratories, one of New Mexico’s largest employers with more than 12.700 workers. The two communities are approximately three miles from The University of New Mexico and within 20 minutes of Kirtland Air Force Base.
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Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq’s solid foundation and entrepreneurial approach have built a loan servicing portfolio of more than $76 billion and a two-year transaction volume of $52 billion. For more information, visit www.northmarq.com.
