Sellers Steven and Kay Moreno of San Diego are moving their proceeds home, where they are in the process of buying a multifamily complex, Bill Fox of the Albuquerque office of Phoenix-based Hendricks & Partners tells GlobeSt.com.
Fox, who represented the sellers, says the investment group buyer, CV Apartments LLC of Scottsdale, are acquiring the property in a cash-to-loan deal with the intention of improving the property, driving up occupancy and reselling it within a few years. The class B plus complex, built in 1985, currently is 85% occupied. The buyers intend to push that into the 90% range, says Fox, and he believes market conditions are right to do that.
Fox says Albuquerque presents potential investors with "more bang for their buck." And more so than ever before because there are not a lot of units coming on line. In 2000, 210 units delivered at a cost of $8.1 million whereas last year 788 units came on line for $33.9 million. Consequently, rent concessions are disappearing and investors appearing on the scene. Fox believes rents will rise and make Albuquerque even more profitable for investors.
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