Cooper Street Capital has purchased the 154-unit Lexington Place in Albuquerque, N.M., from a local investor, per Yardi Matrix information. The new owner received a $7.9 million acquisition loan from Washington Federal, set to mature in 2024.
Located at 2800 Lexington Place N.E. within a dense residential area, the asset is roughly 3 miles from Interstate 40 and 14 miles from the Albuquerque International Airport. Additionally, the property is less than 2 miles from several dining and retail establishments.
Completed in 1970, the community comprises studio, one- and two-bedroom apartments with floorplans ranging from 480 to 960 square feet in 11 two- and three-story building spread across a 4.8-acre site. Common-area amenities include two pools, laundry facilities and a stand-alone leasing office. As of July, the asset was 98.7 percent occupied, according to Yardi Matrix data.
In a similar Albuquerque transaction that closed recently, Lakeside Capital Advisors sold Canon de Arrowhead. The 264-unit community traded for the first time since reaching completion in 2000.