Thayer Manca Buys Albuquerque Apartments

The company plans a multimillion-dollar value-add program.

Hunter’s Ridge. Image courtesy of Thayer Manca Residential

Thayer Manca Residential has acquired Hunter’s Ridge, a multifamily property in Albuquerque, N.M. The property previously traded in 2019, when a private individual acquired it from NALS Apartment Homes, according to Yardi Matrix.

Located at 13150 Wenonah Ave. SE, Hunter’s Ridge is a 144-unit property, comprising one- and two-bedroom apartments ranging between 622 and 956 square feet. The eight-building complex is situated in the Singing Arrow neighborhood and near some of Albuquerque’s largest employers, including Sandia National Laboratories and Sandia Science and Technology Park.

According to Thayer Manca Residential, the property, which was completed in 1984, will go through a thorough upgrading and rebranding plan, with the preliminary renovation budget set at $3.7 million. The plan includes amenities such as a new fitness center, an updated office-clubhouse and pool area, as well as a new pet park, interior unit renovations and the addition of in-unit washers and dryers. The property currently offers roughly 200 covered parking spots, according to Yardi Matrix data.

Hunter’s Ridge is located near Lumen Apartments, a 280-unit property acquired by Thayer Manca in 2019, situated in the Sandia Heights neighborhood. This is the fourth property acquired in Albuquerque and the third financed through the company’s new fund, TMR Value-Add Multifamily Fund 1.

Kennedy Wilson is another company to have recently bought a value-add rental property in the metro, the 356-unit San Miguel Del Bosque. The community was acquired as part of a three-asset, $418 million portfolio deal.

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