Lakeside Capital Advisors has purchased the 264-unit Canon de Arrowhead in Albuquerque, N.M., from Investors Capital Group, per Yardi Matrix information. JLL originated a $15.8 million Fannie Mae acquisition loan for the new owner. Completed in 2000, the asset traded once before in late 2011. Laramar Group will take over as property management company for the community.
Located at 1700 Market St. N.W., the property is within walking distance of retail and restaurants, as well as public transit. The asset is situated almost 4 miles from the Petroglyph National Monument and roughly a mile from Interstate 40. The fully affordable property comprises one-, two- and three-bedroom apartments and floorplans ranging from 850 to 1,125 square feet in 24 two- and three-story buildings spread across a 12.4-acre site. Common-area amenities include a fitness center, pool and on-site maintenance.
This spring, Investors Capital Group has expanded its Phoenix-area presence with the acquisition of a 184-unit property. Greentree Apartment Homes traded for $25 million.