Northmarq completes sale of two Albuquerque townhome communities for Albuquerque-based GR Real Investments, LLC

ALBUQUERQUE, NEW MEXICO (May 2, 2022) --- Northmarq’s Investment Sales team of Cynthia Meister, Trevor Koskovich, Bill Hahn, and Jesse Hudson brokered the sale of two attached townhome communities in Albuquerque,  1010-1024 Lead, a 13-unit community located at 1010-1024 Lead Avenue SW and Tramway Townhomes, a 22-unit community located at 2400 Marie Park Drive NE. The team represented the seller, Albuquerque-based GR Real Investments, LLC, in the two undisclosed sale price transactions.  The buyer of both townhome communities was Los Angeles-based  Lodestar Equities, LLC. Northmarq Phoenix’s Debt & Equity team of Brandon Harrington, Bryan Mummaw, Brad Burns and Tyler Woodard secured financing for the Tramway community with a fixed rate bridge loan. 

“These townhome communities offer residents the efficiency of renting with the benefits of a low-density, single-family home lifestyle,” according to Cynthia Meister, Vice President, Northmarq. “For the investor, there is an opportunity for increased rental rates as both Lead and Tramway’s average rent per square foot was significantly below the local market.” Both townhome communities were 100 percent leased at the time of sale.

Built in 2007 and 2019, 1010-1024 Lead is located in the Downtown submarket. The property includes 13 units in three buildings with one, two and three-bedrooms that range in size from 1,000 to 1,800 sq. ft. The gated townhome community features one and two-story units that include upgraded kitchens with stainless appliances, modern cabinetry, pantries and granite countertops. Other amenities include walk-in closets, walk-in tiled showers, full-size in-unit washers and dryers, and private garages. 

Tramway Townhomes was built in 2017 and includes 22 units in five buildings. The two-bedroom units are 1,200 sq. ft. and include two-car garages. Each unit includes upgraded kitchens with stainless steel appliances, modern cabinetry, pantries and granite countertops. Other amenities include vaulted ceilings, walk-in closets, walk-in tiled showers, full-size in-unit washers and dryers and private patios.

According to Northmarq’s Research Group, Albuquerque ended 2021 with a near all-time low vacancy rate of 3 percent and a 21.8 percent year-over-year increase in asking rents, with average asking rent of $1,145.00. Investment sales in the market were consistently active with sale prices outpacing the rate of rental increases and cap rates compressed, ending the year below 4 percent.