ALBUQUERQUE, NEW MEXICO (September 5, 2019) – Cantata at the Trails, located at 6700 Cantata Street in northwest, Albuquerque, New Mexico, traded this month for an undisclosed purchase price.
The NorthMarq Phoenix investment sales team of Trevor Koskovich, Bill Hahn, and Jesse Hudson and Cynthia Meister of NorthMarq’s Albuquerque office represented both the seller and the buyer in this transaction.
“Cantata at the Trails was an attractive acquisition due to its newer vintage, desirable unit-mix, and strong in place operations,” said Koskovich. “Focusing capital on interior upgrades and value-enhancing amenities will increase tenant desirability and drive rents.”
Pacific Ardent Capital, LLC, an entity formed by Laguna Point Properties, of Mission Viejo, California was the buyer.
“With the acquisition of Cantata at The Trails, Laguna Point Properties (LPP) now owns and operates over 1,200 units across four multifamily assets in Albuquerque,” according Greg Campbell, founding partner at LPP. “We are attracted to the strong yields and steady nature of the multifamily market in Albuquerque, which was one of the strongest performers in the West during the last recession.” Laguna Point Properties, a Southern California-based multifamily investment company, has a portfolio of nearly 5,000 multifamily units in the Western U.S. and Florida and continues to expand its holdings in those regions.
Cantata at the Trails, LLC, an entity formed by ReNUE Properties of Phoenix, Arizona was the seller.
The 260-unit Cantata at the Trails apartment community, built in 2013, comprises 41 percent one-bedroom units, 39 percent two-bedroom units, and 20 percent three-bedroom units. The property, located on the west side of Universe Boulevard and south of Paseo Del Norte Boulevard. The immediate neighborhood surrounding Cantata at the Trails comprises a mixture of single-family homes, multifamily projects, and commercial.