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LAS CRUCES, NM-Two years after its completion, the 256-unit Puerta Villa at Sonoma Ranch has been sold by El Paso-based Bohannon Development Corp. to Madison Development Group LLC of Denver for slightly more than the $23.5-million ask. The deal closes at a 6% cap rate for a 98%-leased asset.

Jeff Patterson, vice president for Apartment Realty Advisors in Austin, says the 30-day marketing period attracted 10 offers for the 3901 Sonoma Springs Ave. development. “The interest level and buyer location were greater than we expected. It was a 50-50 split between condo converters and conventional buyers,” the seller’s broker says.

Madison Development is a condominium converter, but it has yet to release its plan for Puerta Villa. The new owner, though, does have a conversion underway at the 176-unit Dos Santos Condominiums in Santa Fe.

Patterson tells GlobeSt.com that Puerta Villa lends itself to a condo conversion. “It’s located on a golf course and 35% of the units have direct views there,” he adds. Additionally, the complex is positioned in the master-planned Sonoma Ranch.

Bohannon is holding a contract for its only other New Mexico development, Las Ventanas Apartments at 2200 E. First Ave. in Alamogordo. The deal is scheduled to close before the year ends. “They’d love to build more in New Mexico, particularly Albuquerque, but they don’t have anything scheduled right now,” Patterson says.

Puerta Villa at Sonoma Ranch has a mix of one-, two- and three-bedroom units, measuring from 557 sf to 1,757 sf. The market rent per month is $565 to $1,340 per month.

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