Monarch Buys 240-Unit NM Community
- Jul 15, 2019
After recently buying a five-property portfolio in Jackson, Tenn., Monarch Investment & Management Group has acquired the 240-unit Homestead in Hobbs, N.M., Lea County records show. The seller was Texas-based Gold Creek Homes. Berkadia originated a $21.5 million Fannie Mae acquisition loan that includes a 3.37 percent fixed interest rate and a maturity date set for 2034.
Located at 2100 E. Settlers Pass, the asset is less than 10 miles from Lea County Regional Airport and within 15 square miles of employment opportunities including EnergyPlex Park and Hobbs Industrial Park. The 13 buildings were developed in 2016 on a 10.6-acre site and comprise one- and two-bedroom apartments. Common-area amenities include a pool, fitness center, clubhouse and business center. According toMarcus & Millichap Associate John McGregor, the community has had exceptional in-place cash flow, positive revenue trend and historic occupancy rate of more than 95 percent.
McGregor, together with Senior Managing Director Investments Nick Fluellen and Senior Vice President Investments Bard Hoover worked on behalf of the seller and procured the buyer. Senior Associate Matt Reeves is Marcus & Millichap’s broker of record in New Mexico.