Monarch Expands in New Mexico
Marcus & Millichap represented the seller and procured the buyer for the 176-unit Avalon at Carlsbad. Berkadia provided a $24.5 million Fannie Mae acquisition loan.
Monarch Investment & Management Group has acquired the 176-unit Avalon at Carlsbad from a private investor. Eddy County public records show that Berkadia originated a $24.5 million Fannie Mae loan for the acquisition of the asset in Carlsbad, N.M.
Located at 1907 San Jose Blvd., the asset is a mile from a Walmart Supercenter and roughly 5 miles from Airport Cavern City Air Terminal, with more than 33,500 people with a median income of almost $60,000 residing within a five-mile radius. Situated within the Permian Basin, the community profits from the high-income sectors such as crude oil and gas, healthcare and tourism and entertainment, according to Marcus & Millichap Associate John McGregor.
The gated community consists of one-, two- and three-bedroom apartments with an average floorplan size of 876 square feet in 15 buildings completed between 2012 and 2015. Common-area amenities include a fitness center, media room, pool and volleyball court.
Marcus & Millichap Senior Managing Director Investments Nick Fluellen, Senior Vice President Investments Bard Hoover and McGregor represented the seller and secured the buyer. Senior Associate Matt Reeves is the company’s broker of record in New Mexico. The same team recently facilitated a similar transaction with the disposition of the 240-unit Homestead in Hobbs, N.M.