Berkadia Closes on Two Multifamily Sales in New Mexico
- Nov 20, 2015
Berkadia lent a helping hand in two deals that took place in Albuquerque and Santa Fe; the deals were managed by the company’s Albuquerque, West Los Angeles, and San Francisco offices.
In the first transaction, Berkadia negotiated the sale of Northpointe Village, a multifamily community located at 12801 Indian School Road NE in Albuquerque. The property is situated near I-40, five miles from Coronado Center Mall, and seven miles from Kirtland Air Force Base. Top employers in the area include the University of New Mexico, ABQ Health Partners, Kirtland Air Force Base, and Sandia National Laboratories. The property was 96 percent occupied at the time of the sale.
The seller was San Diego-based Strata High Ridge LLC; the buyer is Keller Investment Properties LLC of Centerville, Utah. Senior director Bill Fox of the Albuquerque office completed the sale on October 30, while managing director Clay Akiwenzie of the San Francisco office negotiated the acquisition loan through Berkadia’s Freddie Mac program. Financial details about the transaction have not been disclosed.
“Albuquerque continues to receive significant interest from investors considering tertiary markets,” Fox said. “With the property’s prime location and well-maintained condition, the powerful combination of Berkadia’s mortgage banking and investment sales teams allowed us to work efficiently to meet all parties’ needs.”
Completed in 1987 as a fenced community, Northpointe Village encompasses 256 units with one- and two-bedroom floor plans. Unit amenities include fully equipped kitchens with stainless steel appliances, pantries, washers and dryers, cable and internet access, spacious closets, and balconies or patios. Community amenities feature a swimming pool and hot tub, clubhouse with a fully equipped kitchen, and courtyards with barbecue grills and picnic areas.
In the second transaction that closed on October 30, Berkadia negotiated the sale of Vista Alegre, an affordable housing community located at 1489 Zepol Road in Santa Fe. The property is less than a mile from Santa Fe Place Mall and six miles from all the downtown attractions, with convenient access to I-25 and State Routes 599 and 285. Top employers in the area include Santa Fe City Risk Management, Santa Fe Community College, New Mexico Health Department, and New Mexico State Government.
The seller was Post Investment Group Inc. and the buyer is Zepol Road Properties LLC, both from Los Angeles. Bill Fox and senior managing director Dean Zander of the West Los Angeles office managed the transaction. The price tag was not disclosed.
“Like Northpointe Village, this property was a great value-add purchase,” said Fox. “A higher cap rate due to a smaller tertiary market has historically provided for a stable investment environment with very little competition from newer properties.”
Vista Alegre was built in 1987 and offers 286 units with studio, one-, two-, and three-bedroom floor plans. Unit amenities include fully equipped kitchens, and ceiling fans, while the list of community amenities features picnic areas with barbecue grills, two playgrounds, fitness center, basketball courts, two swimming pools, and a volleyball court.
Images courtesy of Northpointe Village and Vista Alegre