Bascom Group Buys Albuquerque Asset
The garden-style property previously traded in 2020.
The Bascom Group has entered New Mexico with the acquisition of The Overlook Apartments, a 344-unit multifamily property in Albuquerque. The previous owner was Sheiner Group, according to Yardi Matrix data. Northmarq represented the seller and arranged the acquisition financing from TPG Real Estate Finance.
Sheiner had acquired the garden-style asset in 2020 from a private owner, Yardi Matrix information shows. Later that year, the property became subject to a $27.3 million CMBS loan held by Fannie Mae and originated by Berkadia.
The current purchase comes on the heels of Bascom Group’s acquisition of Texan 26, a 204-bed student housing property in Austin. The firm plans to upgrade the 2014-completed community.
An Albuquerque value-add property
The 1988-completed community consists of 19 two- and three-story buildings spread across 15 acres. Units are available in one- and two-bedroom floorplans ranging between 589 and 1,027 square feet. Apartments feature private balconies or patios, walk-in closets, washers and dryers.
In 2022, Sheiner upgraded the property by adding a new clubhouse, business center and a swimming pool with furniture. Other common-area amenities include a fitness center, outdoor storage, dog park, laundry facility, another swimming pool, spas and barbecue and picnic area.
SD-CAP will provide construction management services for future unit and exterior renovations at the value-add community. Apartment Management Consultants will serve as property manager.
The Overlook is at 6200 Eubank Blvd., 2 miles from Sycamore Plaza and less than 3 miles from the Montgomery Crossing shopping mall. Downtown Albuquerque is some 11 miles away, while Albuquerque International Sunport Airport is 14 miles southwest.
Duke City’s multifamily market faces headwinds
The Northmarq team that arranged the debt financing comprised Managing Director Brandon Harrington and Vice President Tyler Woodard. President Trevor Koskovich, Managing Director Jesse Hudson and Senior Associate Logan Baca, along with Vice Presidents Cynthia Meister and Ryan Boyle, worked on behalf of the seller.
According to Yardi Matrix information, nine communities—about 1,340 units—traded last year in the Duke City, amounting to some $82.8 million, a dramatic decline from the 36 properties totaling some 7,300 units that changed hands in 2022 for $986 million.
In September, Community Preservation Partners purchased two affordable housing assets in the metro for $22.3 million, adding 241 units to its inventory. Both properties are slated for extensive renovations.
