Northmarq closes sale on The Village at Tierra Antigua in Albuquerque, New Mexico

ALBUQUERQUE, NEW MEXICO (August 3, 2022) --- Northmarq’s Investment Sales team of Cynthia Meister, Trevor Koskovich, Bill Hahn, and Jesse Hudson brokered the sale of The Village at Tierra Antigua in Albuquerque. The 156-unit, garden-style apartment complex is located at 5905 Tierra Antigua NE, in the Northeast Heights submarket.

The Northmarq team represented the seller, California-based Laguna Point Properties. The buyer was Seattle-based Thayer Manca Residential (TMR), a sponsor of multifamily partnership investments specializing in value-add opportunities. Sale price is undisclosed.

“Albuquerque continues to experience unprecedented job growth which has been a catalyst for strong demand for multifamily housing in our market,” said Meister. “The Village at Tierra Antigua offered an excellent opportunity for TMR to acquire a great value-add property that once renovated could increase asking rents and maximize value for the asset.”

Built in 1980 and 1985, The Village at Tierra Antigua includes 22 two-story buildings that include one-, two- and three-bedroom units ranging in size from 711 to 1,500 sq. ft. Individual units include attached garages, wood-burning fireplaces, stainless steel appliances and walk-in closets. The community amenities include two pools and spas, fitness center, business center and community clubhouse. The complex was 94 percent 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 percent for the market and overall asking rents rising by two percent. For more information read Northmarq’s Q12022 Research Report.