ALBUQUERQUE-A Dallas investor has pulled out of Albuquerque with the $2.85-million sale of an affordable-income property, the 152-unit Plaza Dorado Apartments. The three-decade owner plans to deploy the gain into his home market.

Buyer Cactus Canyon Investments LLC of Fort Collins, CO is no stranger to the market. “He already has three other properties in Albuquerque and was willing to pay the highest price for this one,” says Bill Fox with Hendricks & Partners in Albuquerque office. Fox tells that the buyer will invest an additional $350,000 to convert the 85%-occupied complex at 425 Western Skies Dr. into a market-rate property with no rent restrictions. The buyer will self-manage the complex.

The buyer appears to be making the right move with the acquisition because supply is somewhat limited, according to a recent market report by Novato, CA-based RealFacts. The multifamily market’s overall occupancy has been hovering 93% since early 2000. Plus, the city’s only had 216 units come on line since 2003.

Given the statistics, multifamily investments can yield a decent income stream, which is something the Colorado buyer has realized. “They showed a keen interest in acquiring this property,” Fox says. “It’s a new project for them, but I don’t see them buying anything more in the near term.” The seller of record, First Plaza Dorado LP, had Hendricks & Partners’ senior advisers Jay Gunn and Tom Burns, both in Dallas, as part of its marketing team, which secured multiple offers in a month-long drive to find a buyer.

Plaza Dorado consists of one-, two- and three-bedroom units ranging from 606 sf to 916 sf. Rents go from $365 to $500 per month.

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