Northmarq brokers and finances sale of Lincoln Place Apartments in Albuquerque, New Mexico

ALBUQUERQUE, NEW MEXICO (September 1, 2022) --- Northmarq’s Investment Sales team of Cynthia Meister, Trevor Koskovich, Bill Hahn, and Jesse Hudson brokered the sale of Lincoln Place, an apartment community located at 4401 San Pedro Drive NE in Albuquerque, New Mexico. Arizona based investors Byrd & Scanlan purchased the 120-unit garden-style community for an undisclosed price. The Northmarq team represented the seller CalCap Asset Management, LLC from Pasadena, California. Northmarq Phoenix’s Debt & Equity team of Bryan Mummaw, and Bryan Liu provided financing for the sales transaction, securing a 10-year, fixed-rate, full-term, interest-only, low-leverage loan with flexible prepayment terms for the buyer.

“Lincoln Place offers multiple opportunities to increase the investors income,” explained Meister. “Upgrades to the 109 units that have classic interiors, the addition of in-unit laundry in the larger units and moving in-place rents to current market rates upon renewal can increase property revenue.” 

Built in 1981, Lincoln Place includes nine, two-story buildings that include studio, one-, and two-bedroom units that range in size from 413 to 819 square feet. Over 90% of the units feature classic interiors while 11 units have been updated with resurfaced countertops, new white cabinets with pull handles, energy efficient stainless steel appliances, upgraded lighting, hardware and paint. The community amenities include a resort-style pool, fitness center, community clubhouse, business center, bbq area and community laundry center. Lincoln Place was 96% leased at the time of sale.

Albuquerque’s strengthening economy and elevated renter demand drove down vacancy rates and pushed rents higher during the first three months of 2022. The first quarter ended with overall vacancy rate of 2.9% for the market and overall asking rents rising by two percent. For more information read Northmarq’s Q12022 Research Report.