Chris Bancroft, a broker with Apartment Realty Advisors' National Student Housing Group in Austin, says the owner of the 801 Locust Place NE property is looking to redeploy capital internally. "They've been long-term holders of the property and they felt the time was right to bring this to market," Bancroft explains. Texas Capital Partners also is in escrow to sell the 112-unit Duval Villa Apartments at 4305 Duval St. in Austin.

Bancroft says Sun Village Apartments is a value-add proposition with upside, citing its location near the University of New Mexico Medical Center. "This is in good shape and it's a good opportunity for someone to get a foot in the door in Albuquerque," he adds. "There isn't a lot of new development, especially on the student housing side and the market provides a high barrier to entry for developers."

Situated on 16.75 acres, Sun Village Apartments has a mix of studios, one and two-bedroom units, measuring from 324 sf to 755 sf. The rent averages $1.28 per sf. Phoenix-based Bernard/Allison Management Services Inc. is the property manager.

The 26-year-old complex is nearly 100% leased for the 2008-09 school year. "It should provide a good yield opportunity for either a student housing or multifamily buyer," Bancroft says.

Bancroft tells GlobeSt.com the asset should hit the market within the next couple weeks, with a call for offers in a month to six weeks after marketing begins. If all goes well, he says the sale should close in early 2009.