Albuquerque Apartments Trade Hands
- Jul 20, 2015
Albuquerque, N.M.—A 320-unit apartment community has traded hands in northern Albuquerque. California-based Summit Equity Investments picked up TGM Oak Tree Park from (you guessed it) TGM Associates. The New York-based seller picked up the Class B property way back in August 1996 for $13.7 million, according to Yardi Matrix data. A Colliers International team led by executive vice president William Hanh brokered the transaction, though terms were not disclosed.
Rents in Albuquerque are still showing solid growth. Don’t be surprised if Summit Equity Investments executes a value-add play at the 11.4-acre property, which has a nice amenity package that includes a fitness center, business center, clubhouse, two swimming pools, spa and 340 parking spaces. Rents at Oak Tree Park are averaging $782 per month for 2015 so far, according to Yardi Matrix.