ALBUQUERQUE (April 20, 2018) – The 184-unit Lincoln Heights Apartments, located at 5800 Harper Drive, in Albuquerque, New Mexico sold for an undisclosed purchase price. Bill Hahn, Trevor Koskovich, and Jesse Hudson of NorthMarq Multifamily in Phoenix and Cynthia Meister of NorthMarq Multifamily in Albuquerque represented the buyer and seller in the transaction.
Greenlite Holdings, LLC, an entity formed by Jonathan Lewis out of Phoenix, Arizona was the buyer. Greenlite Holdings enables investors to acquire ownership of specific apartment complexes in the emerging markets of the Sunbelt region of the US. They target B class multi-family assets in A and B class sub-markets with significant job and employment growth. Greenlite Holdings currently owns other multifamily assets in the Southwest.
“Lincoln Heights marks the buyer’s first acquisition in the Albuquerque market,” says Meister. “Albuquerque’s more attractive cap rates and lower price per unit properties appealed to Lewis. He plans to reposition the asset with value-add improvements.”
HFLP III/Lincoln Heights, LLC, an entity formed by Larimer Associates out of Denver, Colorado was the seller. Larimer Associates manages and owns multifamily communities throughout Colorado and California. They have chosen targeted investments in need of elevated management to compete in markets seeing an increase in value. Their in house management team improves properties through leasing programs leading to increase in occupancy, cash flow and overall value.
Lincoln Heights consists of 13 buildings with 120,276 square feet of space situated on 5.85 acres. The community is a blend of 13 percent studios, 46 percent 1-bedroom units, and 41 percent 2-bedroom units. Newly upgraded units boast new paint, flooring, appliances, cabinets, countertops, and hardware. Thirty-four percent of units were upgraded at time of sale.
The community is located on the south side of Harper Drive just north of Academy Road. Lincoln Heights is in close proximity to major employment centers including the 180 acres of office at the Journal Center and The Balloon Field Industrial Park. Uptown Shopping Center is just minutes from the property, featuring high-end retail and upscale restaurants. Additionally, Lincoln Heights is just five miles from the University of New Mexico which enrolls over 27,000 students.