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ALBUQUERQUE-Equity Residential Properties Trust has turned over the 148-unit Tierra Antigua Apartments to Hamilton Zanze & Co. The $15.5-million sale represented the Chicago-based REIT’s next to last holding in the market.

David Eagle, senior vice president with CB Richard Ellis’ local office, says the deal was bundled with an eight-unit asset adjacent to the main complex at 5905 Tierra Antigua NE. “Those were the models separate from the main property,” explains Eagle, who negotiated the transaction between Equity Residential and the San Francisco-based buyer.

According to SEC filings, Equity Residential acquired the 23-year-old Tierra Antigua and a sister property, the 221-unit Mesa del Oso at 5100 Mesa del Oso Rd. NE in 1996 from Canadian developer Groupe Lepine. Eagle tells GlobeSt.com that Equity Residential put Tierra Antigua on the market and is preparing to do the same with the 221-unit Mesa del Oso within the next week.

“Equity’s strategy is to invest more toward the coast,” Eagle says, adding the local assets’ holding periods also are coming to an end. Mesa del Oso, built in 1983, is approximately 1.5 miles southwest of Tierra Antigua.

Eagle tells GlobeSt.com that the 96%-leased Tierra Antigua attracted about a dozen offers, with the seller’s comfort level with the buyer ultimately delivering the win. “The buyer had purchased other properties here and the seller was familiar with them,” he says. “Hamilton Zanze’s done a great job purchasing properties here and doing interior upgrades.” The class B Tierra Antigua is ticketed for renovation, according to Eagle.

Tierra Antigua, situated on 15.6 acres, has one- and two-bedroom units, ranging from 598 sf to 1,129 sf. Monthly rents are $812 to $1,038.

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