ALBUQUERQUE, NEW MEXICO (June 11, 2018) – The 120-unit Lincoln Place Apartments, located at 4401 San Pedro Drive, in Albuquerque, New Mexico sold this month for an undisclosed price.
Lincoln Place, built in 1981, comprises 10 buildings with 79,508 square feet of space situated on 4.72 acres. The community is a blend of 10 percent studios, 50 percent one-bedroom units, and 40 percent two-bedroom units. It is located on the west side of San Pedro Drive just north of Montgomery Boulevard, close to the Journal Center, The Balloon Field Industrial Park and Uptown Shopping Center, featuring high-end retail and upscale restaurants, Additionally, Lincoln Place is just six miles from the University of New Mexico, which enrolls over 27,000 students.
California Capital Real Estate Advisors Inc. (CALCAP), a boutique real estate investment and advisory firm based in Pasadena, California was the buyer. CALCAP currently owns several multifamily properties in greater Phoenix, Tucson, and Las Vegas and are actively seeking to expand their multifamily footprint throughout the nation.
Bill Hahn, Trevor Koskovich, and Jesse Hudson of NorthMarq Multifamily in Phoenix and Cynthia Meister of NorthMarq Multifamily in Albuquerque represented the seller and procured the buyer in the transaction.
“Lincoln Place is CALCAP’s first acquisition in the Albuquerque market,” says Koskovich. “They strategically acquired in this market to diversify their multifamily portfolio for their investors and deliver attractive returns.”
HFLP III/Lincoln Place, 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.