Northmarq completes sale of two Albuquerque multifamily properties for Oregon-based Bean Investment Real Estate

PHOENIX (April 1, 2022) --- Northmarq’s Investment Sales team of Cynthia Meister, Trevor Koskovich, Bill Hahn, and Jesse Hudson brokered the sale of two multifamily communities in Albuquerque: Copper Ridge, a 180-unit community located at 557 Tramway Blvd. NE, and The Valencia, a 58-unit community located at 1020 Valencia Drive SE. The team represented the seller, Bean Investment Real Estate of Portland, Oregon, in the two undisclosed sale price transactions.  The buyer of Copper Ridge was Tower 16 Capital of Encinitas, CA; the buyer of The Valencia was Suncore Partners Valencia Apartments, a Phoenix-based company. Northmarq Phoenix’s Debt & Equity team of Brandon Harrington, Bryan Mummaw, Brad Burns and Tyler Woodard secured financing for both acquisitions.

“The unprecedented job growth that we’ve seen in Albuquerque has continued to fuel demand for multifamily housing in the market, making it highly attractive to investors,” according to Cynthia Meister, vice president – Investment Sales, Northmarq. “Copper Ridge and The Valencia are both strong value-add opportunities for buyers to acquire properties in strong locations but below market rental rates. With property renovations the new owners have significant revenue growth options.”  Interest in the two communities was very strong with Northmarq receiving multiple offers for the properties.

Built in 1972, Copper Ridge includes seven, two-story buildings with one, two and three-bedroom units that range in size from 656 to 1,126 SF. Located in the Northeast Heights submarket, the gated community has 165,080 net rentable SF on 10.15 acres. Amenities include a swimming pool, fitness center, children’s playground, basketball court, dog park and on-site leasing and management office with package receiving.

The Valencia is a garden-style community in the Southeast Heights submarket that includes eight, two-story buildings with one, two and three-bedroom units which range in size from 590 to 1,100 square feet. With 43,620 net rental square feet on a 1.86-acre parcel, the units surround mature, lushly landscaped courtyards. Amenities include private patios, covered parking, on-site laundry facilities and community Wi-Fi. 

According to Northmarq’s Market Insights, Albuquerque ended 2021 with a near all-time low vacancy rate of 3.0% and a 21.8% year-over-year increase in asking rents, with average asking rent of $1,145.00. Investment sales in the market were consistently active with sale prices outpacing the rate of rental increases and cap rates compressed, ending the year below 4%.