Seattle-based Thayer Manca Residential (TMR) has purchased Hunter’s Ridge, a 144-unit multifamily apartment community in Albuquerque, NM. It’s the third property that TMR has acquired through its TMR Value-Add Multifamily Fund 1, and the firm’s fourth property in Albuquerque.
“We remain focused on growing our portfolio in Albuquerque. The strength of our property management partner, Greystar, as well as the ongoing durability and projected growth in the market adds confidence to our acquisition strategy,” said TMR Principal, Joe Manca.
TMR says an extensive renovation is planned, including a new fitness center, outdoor pool upgrades with grills and fire pits, an addition of a pet park and pet wash, renovation of the office-clubhouse building, and a comprehensive high-end rework of unit interiors.
Hunter’s Ridge, in the Singing Arrow neighborhood of Albuquerque, is located minutes away from the area’s largest employers and provides a classic value-add opportunity.
Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.