The Overlook, a 344-unit apartment complex located at 6200 Eubank Boulevard NE in Albuquerque, New Mexico, sold on January 30. Recent upgrades completed by the seller include new roofs, parking, resurfaced pool and pool deck and new fencing, creating an opportunity for the buyer to add value through the renovation and modernization of original apartment interiors.
NorthMarq’s Albuquerque Investment Sales Vice President Cynthia Meister and the Phoenix Investment Sales team collaborated to broker the sale and represented both buyer and seller in this transaction.
“Because of recent improvements in rents and occupancy in the Albuquerque multifamily market, an international buyer determined that The Overlook provided an excellent opportunity to enter this up and coming market”, says Trevor Koskovich, the president of Northmarq Multifamily.
During the marketing period, there was significant interest to acquire the property, and the ultimate buyer beat out many highly competitive offers.