The properties, the 232-unit Courtyards and the 297-unit The Arbors, were sold to a California-based buyer with the help of a financing package with sub-200 basis point spread pricing at 65% Loan-to-Cost. The seller was a Colorado-based private equity company.

Both properties were in the Northeast Heights submarket. Northmarq’s Cynthia Meister says the buyer plans to unlock the value after upgrading the units, “Both the Courtyards and the Arbors offered opportunity. to increase revenue and value through strategic in-unit renovations and community upgrades that create ancillary income opportunities and the opportunity to increase asking rents.”

Northmarq’s researchers state that Albuquerque ended 2021 with a near all-time low vacancy rate of 3.0% and a 21.8% increase in asking rents.