Two Albuquerque apartment communities have been sold to a local, private investor. The Continental Arms and Laurels at Uptown were purchased together as a portfolio in what real estate experts believe is an improving Albuquerque market for multifamily properties.
“The city’s economy is expanding with increases in job growth and multifamily vacancies have dipped below five percent,” said Cynthia Meister, associate broker with Colliers International in Albuquerque. “These older properties present great opportunity for rejuvenation in outstanding locations. This sale marks part of a nationwide trend of investors modernizing well-located mid-century properties to create very popular infill rental communities.”
Meister worked with Bill Hahn, Jeff Sherman and Trevor Koskovich of Colliers International in Greater Phoenix in negotiating the transaction. Continental Apartments, LLC, a New Mexico limited liability company, purchased the properties from Kentner Continental Arms Property LLC, a New Mexico limited liability company. The buyer owns several multifamily properties in Albuquerque.
Continental Arms is located at 1200 Madeira Dr. S.E. and was built in 1964. The property contains 83 rental units totaling 51,510 square feet. The two-story building is situated on 1.86 acres of land and the community features 116 parking spaces. The studio, one and two-bedroom units range in size from 450 to 850 square feet. Continental Arms rests just north of Gibson Avenue SE and East of San Mateo Boulevard SE.
Laurels at Uptown is located at 1311 Louisiana Blvd. NE and was built in 1974. The property contains 59 apartment units totaling 34,080 square feet. The two-story building in this community is situated on 1.58 acres of land and the community features 112 parking spaces. The studio, one and two-bedroom units range from 360 to 900 square feet. Located on Louisiana Boulevard, this community is two blocks north of Lomas Boulevard, which serves as a major thoroughfare through Albuquerque.
Continental Apartments LLC will modernize and renovate the properties as part of its plans for long-term ownership of the communities.