Byrd & Scanlan Buys Albuquerque Asset
Northmarq represented the seller and secured acquisition financing for the buyer.
Lincoln Place. Image courtesy of Northmarq
Byrd & Scanlan has acquired Lincoln Place, a 120-unit multifamily community in Albuquerque, N.M., from CalCap Advisors. Northmarq negotiated on behalf of the seller and secured a fixed-rate, 10-year acquisition loan for the buyer. The property last traded in 2018 for $7.5 million, according to Yardi Matrix information.
The same data provider shows nearly 4,600 units have changed hands in Albuquerque year-to-date. Transactions included Thayer Manca’s acquisition of the 114-unit Hunter’s Ridge in July, while another Albuquerque asset traded in a $418 million deal in April. The metro’s transaction volume had reached an all-time high in 2021.
A value-add property
Completed in 1981 at 4401 San Pedro Drive NE, the community encompasses nine two-story buildings with studio, one- and two-bedroom units ranging from 413 to 819 square feet. Common-area amenities include a business center, fitness center, clubhouse, barbecue area and swimming pool, as well as 240 parking spots. Lincoln Place was 96 percent occupied at the time of sale.
The garden-style community is 7.6 miles from downtown Albuquerque in the Del Norte neighborhood, close to Montgomery Plaza and Lovelace Women’s Hospital. Situated east of Interstate 25, the property has multiple retail options nearby, such as Walmart, Costco and Target.
Northmarq President Trevor Koskovich, Vice President Cynthia Meister, Executive Vice President Bill Hahn and Senior Vice President Jesse Hudson represented CalCap Advisors. In addition, the firm’s Debt & Equity team of Senior Vice President & Managing Director Bryan Mummaw and Vice President Bryan Liu provided acquisition financing for Byrd & Scanlan.
