X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ALBUQUERQUE-In the coming weeks, Texas Capital Partners LLC of Austin, TX will bring its only holding in the area to market–the 572-unit, 723-bed Sun Village Apartments. The complex, beside the University of New Mexico, is anticipated to attract $67,000 to $69,000 per unit.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. APARTMENTS SPRING 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.