California Capital Real Estate Advisors Inc. (CALCAP) has purchased Lincoln Place Apartments, a 120-unit community in Albuquerque, N.M., in a deal facilitated by NorthMarq Multifamily. According to Yardi Matrix, Larimer Associates disposed of the asset for $7.5 million, the sale being subject to a $5.3 million Freddie Mac loan placed by Berkadia Commercial Mortgage.
Lincoln Place is located at 4401 San Pedro Drive on a 4.7-acre parcel, in the northeastern part of the city, near Arroyo Del Oso Golf Course. The site provides easy access to interstates 25 and 40, as well as routes 423 and 556. The asset is six miles from the University of New Mexico and is close to Journal Center, The Balloon Field Industrial Park and Uptown Shopping Center.
The 1981-built community encompasses 79,508 square feet across 10 buildings and offers a mix of one- and two-bedroom units. Common-area amenities include:
- swimming pool
- laundry facilities
- 240 parking spaces
The NorthMarq team representing the seller and procuring the buyer included Bill Hahn, Trevor Koskovich, and Jesse Hudson of the Phoenix office and Cynthia Meister of the Albuquerque office. “Lincoln Place is CALCAP’s first acquisition in the Albuquerque market,” said Koskovich, in prepared remarks. “They strategically acquired in this market to diversify their multifamily portfolio for their investors and deliver attractive returns.”
Image courtesy of Yardi Matrix