DEAL OF THE DAY: 49-Unit Rental Community in Albuquerque Sells for Over $2M
- Jun 02, 2008
By Anuradha Kher, Online News EditorAlbuquerque, N.M.–Sperry Van Ness recently completed the sale of Theta Apartments, a 49-unit apartment community in Albuquerque, N.M., for $2,301,750. The property is located near Interstates 40 and 25 and the Albuquerque International Airport/Sunport at 3900 Tulane NE.Littleton, Colo.-based Sidmar LLC sold the property to Philadelphia-based NWJ Albuquerque Investment Fund II LLC.Built in 1972, the five-building community is situated on 1.39 acres of land, and was 97 percent occupied at the close of escrow. Theta Apartments features 48 two-bedroom/two-bathroom units and one one-bedroom/one-bathroom manager’s unit with monthly rents ranging from $545 to $625. The property features a landscaped courtyard, on-site laundry and private balconies/patios.Theta Apartments is located in Albuquerque’s Northeast Heights area, located on the North Interstate 25 Corridor.