AMG Realty Trades 512-Unit NM Property
The buyer funded the acquisition of the Class C community with a $14.3 million Fannie Mae mortgage provided by Arbor Realty Trust.
AMG Management & Realty has sold Desert Oasis, a 512-unit Class C community in Albuquerque, N.M. The buyer, a private investor affiliated with Creative Realty Partners, took a $14.3 million acquisition loan to cover the acquisition, according to Yardi Matrix. Arbor Realty Trust’s lending arm, Arbor Commercial Funding, originated the Fannie Mae loan.
The seller purchased five separate communities from Warren Properties in December 2016 for $18.6 million, per data from Yardi Matrix, and combined the properties, rebranding the portfolio as Desert Oasis.
Located at 950 Louisiana Blvd. S.E. in Albuquerque’s Uptown submarket, the asset’s 28 two-story buildings are positioned 2.5 miles south of Interstate 40, approximately 8 miles from the city’s central business district.
The community, built between 1971 and 1979, contains a mix of efficiency, studio, one-, two- and four-bedroom units, with floorplans between 280 and 1,180 square feet. The property’s list of amenities includes five swimming pools, laundry facilities and nearly 800 parking spaces for residents.
Earlier this year, Arbor also funded the purchase of a 96-unit value-add community in Atlanta.
Image courtesy of Yardi Matrix