Off-Market Purchase Partially Plugs Hole in Albuquerque Housing
Newport Beach-based RanchHarbor and Los Angeles-based Westgrove Partners recently acquired a two-property multifamily portfolio in Albuquerque in a joint venture partnership. The JV purchased the portfolio off-market, substantially below replacement cost and at an attractive basis.
The assets, Candlewood Village and Candelaria Heights, which have since been rebranded to The Grove and The Heights at Tramway, together include 79 garden-style apartments on approximately 3.1 total acres. The business plan for the multifamily portfolio is to implement institutional-grade property management, and perform interior and exterior renovations to reposition the assets.
“Albuquerque is a stable apartment market in need of improved housing options as more major entertainment and technology-based corporations such as Netflix and NBCUniversal target the region for expansion,” said John Meek, managing principal at RanchHarbor. “The opportunity allows our firm to execute another value-add business plan and provide strong cash yield to our investors.”
Near Interstates 40 and 25, the properties are located within Albuquerque’s Northeast Heights submarket which currently has vacancies of around 3.5 percent, according to CoStar.
The Grove is located at 12050 Candelaria Rd. NE. It was built in 1985 and consists of 59 units ranging from 650 to 950 square feet in eight buildings.
The Heights is located at 3101 Lori Place NE. It was built in 1972 and consists of 20 units ranging from 807 to 1,100 square feet.
Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM.
In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.