Thayer Manca Residential (TMR) continues to expand its multifamily portfolio in Albuquerque, New Mexico. TMR has acquired The Village at Tierra Antigua, the fourth property acquired by TMR through its $88 million fund, TMR Value-Add Multifamily Fund 1.
Tierra Antigua, a 156-unit property, is the fifth property for TMR in Albuquerque. TMR recently acquired the 144-unit Hunter’s Ridge in June 2022. TMR also acquired the 280-unit Lumen in 2019, as well as the 264-unit Circ and the 200-unit Ottavo in 2018.
“We can’t help but be excited—what a great asset,” says Joe Manca, Principal. “Tierra Antigua is our fifth acquisition in Albuquerque and brings our portfolio in the market to over 1,000 units. Its condo-style build with attached garages and large floorplans fits perfectly into our product mix in the market.”
Tierra Antigua is located in the Northeast Heights neighborhood of Albuquerque and provides easy access to the entire metropolitan area. This premiere location offers some of the best schools, dynamic retail and entertainment, unbeatable access to countless outdoor recreation activities, and spectacular views of the nearby Sandia Mountains. Additionally, the property is located within five-miles of a thriving business hub with access to over 65,000 jobs.
With a $2.9 MM renovation budget, TMR plans to complete improvements to the clubhouse and leasing office, upgrades to the fitness center, add package lockers and a pet park, and enhancements to the outdoor amenity spaces. Additionally, modern and comprehensive unit renovations are planned for all 156 apartments.
Tierra Antigua is located at 5905 Tierra Antigua NE, Albuquerque, NM 87111.