Cooper Street Capital Sells Albuquerque Community
The investor traded the 105-unit multifamily asset after less than 18 months of ownership. The property was almost fully occupied as of December.
Sage Canyon
Cooper Street Capital has sold the 105-unit Sage Canyon in Albuquerque, N.M., according to Bernalillo County records. Hunt Real Estate Capital provided the buyer, Engel Realty, with a Fannie Mae loan to finance the acquisition. Yardi Matrix shows the property previously traded in the second half of 2018 in a deal involving Post Investment Group.
Located at 6134 Fourth St. NW in a residential area, the gated community is within walking distance of several dining and retail choices, as well as roughly 11 miles north of Albuquerque International Airport. Completed in 1986, the eight two-story buildings have studio, one- and two-bedroom units, with floorplans ranging from 500 to 975 square feet. Common-area amenities include a pool, fitness center and playground. As of December, the asset was almost fully occupied at 99 percent, according to Yardi Matrix data.
Recently, Hunt Real Estate Capital originated $61.1 million in financing for the acquisition of three properties in Georgia. The communities total 682 units and were built between 1983 and 1995.
