ALBUQUERQUE, NEW MEXICO (July 12, 2021) – NorthMarq’s Albuquerque and Phoenix investment sales team of Cynthia Meister, Trevor Koskovich, Bill Hahn, Jesse Hudson, and Ryan Boyle brokered the 84-unit sale to an undisclosed San Francisco based buyer.
The value-add property is located at 1101-1121 Palomas Drive SE, Albuquerque, New Mexico. The property benefits from being less than two- and one-half miles from both The Albuquerque International Sunport airport which currently services more than five million passengers each year, and The University of New Mexico with a current enrollment of over 20,000 students.
The investor plans to improve upon the renovations that were already underway by the previous owners including addressing some upgrades to the building systems such as roofs and parking lot.
“French Quarter offers a unique opportunity for a value-add buyer to make exterior and interior improvements on turns while enjoying high occupancy and cash flow throughout renovations,” said Cynthia Meister, vice president of NorthMarq’s Albuquerque – investment sales office.