DEAL OF THE DAY: Albuquerque Apartments Trade Hands

By Mike Ratliff, Senior Associate Editor

Albuquerque, N.M.—A 320-unit apartment community has traded hands in northern Albuquerque. California-based Summit Equity Investments picked up TGM Oak Tree Park from (you guessed it) TGM Associates. The New York-based seller picked up the Class B property way back in August 1996 for $13.7 million, according to Yardi Matrix data. A Colliers International team led by executive vice president William Hanh brokered the transaction, though terms were not disclosed.

For Class B properties, courtesy Yardi Matrix

Rents in Albuquerque are still showing solid growth. Don’t be surprised if Summit Equity Investments executes a value-add play at the 11.4-acre property, which has a nice amenity package that includes a fitness center, business center, clubhouse, two swimming pools, spa and 340 parking spaces. Rents at Oak Tree Park are averaging $782 per month for 2015 so far, according to Yardi Matrix.