Albuquerque Apartment Portfolio Changes Hands
- May 15, 2020
Greenwater Investments has acquired a three-property portfolio totaling 420 Class C units in Albuquerque, N.M. Oksenholt Asset Management sold the communities, according to public records. The buyer has rebranded the properties as Villas Del Sol I, II and III.
As part of the deal, the new owner assumed a $5.8 million CMBS loan originated by Berkadia in 2017, according to Yardi Matrix, which encumbers Villa Del Sol III and matures in 2032. Prior to the sale, Villas Del Sol I and II were also subject to separate CMBS loans totaling $10.7 million.
Villas Del Sol I, at 301 Western Skies Drive SE, opened its doors in 1972 and has 136 units. The 124-unit Villa Del Sol II, located at 200 Figueroa St. NE, was built in 1976. Villa Del Sol III, the largest of the three assets, has 160 units on 6 acres at 3958 Montgomery Blvd. NE. All of the properties have a range of amenities including laundry facilities, basketball courts and swimming pools.
Historically, Albuquerque’s limited housing supply has created upward pressure on rent growth—in March, the metro’s rents had grown 6.1 percent year-over-year, according to Yardi Matrix. This may soon be at an end: As the city’s unemployment rate continues to climb while housing demand contracts, rents will likely begin to moderate.