ALBUQUERQUE, NEW MEXICO (February 15, 2021) – NorthMarq’s Albuquerque office led by Cynthia Meister, along with NorthMarq’s Phoenix investment sales team of Trevor Koskovich, Bill Hahn, Jesse Hudson, brokered the sale of Jefferson Crossing, Aztec Village, and Arioso. The three-property portfolio is in Northeast Albuquerque, New Mexico. The buyer was Laguna Point of Orange County, California, and the seller was PacifiCap Properties Group of Portland, Oregon.
“The Albuquerque multifamily market continues to post a strong performance with improving vacancy rates and rents increasing year over year,” said Meister. “The buyers were motivated by the lower price-per-unit, well located opportunity and the attractive financing terms.”
NorthMarq’s Phoenix debt/equity team of Brandon Harrington, managing director, Bryan Mummaw, senior vice president and Tyler Woodard, vice president financed each acquisition for the buyer with Freddie Mac loans.
“It was a pleasure working with Laguna Point Properties as they continue to increase their portfolio in the Albuquerque MSA,” said Harrington. “Given the agencies’ focus on providing competitive financing on affordable housing, these three assets were a great fit for Freddie Mac Target Affordable program. The ARM execution allowed the borrower to have the desired prepayment flexibility while maximizing leverage and paying interest only.”
The sale marks the buyer’s seventh acquisition in the market.
“We are excited to add to our growing portfolio in Albuquerque,” says Garrett Labar, Investment Manager at Laguna Point Properties. “These three workforce housing properties are well located in the Northeast quadrant of the market and benefit from significant drive-by traffic along Montgomery Boulevard, one of the most heavily traveled arterials in the market. We look forward to implementing our value-add strategy right away.