Nevins Adams Lewbel Schell, which had acquired the asset for $5.5 million, sold it to the Meagher Family Trust from Encinitas, CA. Located at 220 Western Skies Dr. near the Kirtland Air Force Base, the complex attracted seven offers. "Don owns a couple of other buildings in Albuquerque and he came up with the best offer," Tyler Anderson, vice chairman in Phoenix for CB Richard Ellis, tells GlobeSt.com.
Anderson says the seller is churning his portfolio to fill it with higher-grade complexes. He and CBRE vice chairman Sean Cunningham and Anita Maestas-Roybal represented the seller while the buyer was self-represented.
Built in 1986, the 96%-occupied complex was put on the market for $11.7 million. The unit mix features one- and two-bedroom apartments from 650 sf to 950 sf. The monthly rent per unit is $475 to $578.
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