Northmarq closes sale of an active adult community in Rio Rancho, New Mexico
ALBUQUERQUE, NEW MEXICO (August 15, 2022) --- Northmarq’s Investment Sales team of Cynthia Meister, Trevor Koskovich, Bill Hahn, and Jesse Hudson brokered the sale of Vista Grande located at 4101 Meadowlark Lane in Rio Rancho, New Mexico. Tailwind Investment Group purchased the 168-unit active adult community for an undisclosed price. Vista Grande was the first purchase in New Mexico for the California-based company. The Northmarq team represented the seller Cooper Street Capital from Aspen, Colorado.
Built in 1972, Vista Grande is a 107,216 sq. ft. active adult rental community on 10.95 acres. The property has studio, one- and two-bedroom units that range in size from 456 to 807 sq. ft. The property was fully leased at the time of sale.
“Vista Grande was a great first property for Tailwind to acquire in New Mexico,” explained Meister. “While Rio Rancho is the third largest city in the state, there are very few multifamily properties available to purchase in the community, especially an age restricted property. Vista Grande is in an excellent location, walkable to a lot of restaurants and shops, close to local businesses and the Meadowlark Senior Center.” Tailwind has indicated plans for renovations to the property as well as plans for future acquisitions in New Mexico.
Rio Rancho has a population of approximately 100,000 (2020 U.S. Census) with a median household income about 20 percent higher than the Albuquerque metro area. Intel Corporation announced a $3.5 billion renovation of their Rio Ranch facility, located just over three miles from Vista Grande, that will bring 700+ new jobs to the community when completed. The company is one the Rio Rancho’s biggest supporters and contributors to the local school system, one of the highest ranked in the area.
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 Market Research Report.
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Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq's solid foundation and entrepreneurial approach have built an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit: www.northmarq.com.
