The Multifamily Group (TMG), a Dallas-based commercial real estate brokerage firm, announced this week it had facilitated Uptown Horizon’s sale in Albuquerque. Managing Partner Paul Yazbeck represented the seller and procured the buyer.
“Uptown Horizon provides an opportunity for the new owner to increase his scale in this market, and TMG found several buyers interested in entering the Albuquerque market during the marketing process,” said Yazbeck.
Uptown Horizon provides a strong yield opportunity for the new buyer with a Cash-on-Cash return of over 10 percent on day one. The property is operating at 99 percent occupancy and has a substantial retiree demographic. Additionally, a strong management team is in place, and the seller has had recent capex invested in a new roof and chiller.
Uptown Horizon is a 1961 build and is off Lomas Blvd NE and Marble Ave in Albuquerque’s Uptown submarket. Rents have increased by an impressive 5.1 percent over the past year, significantly exceeding the average annual growth of 1.9 percent over the past decade (CoStar).