Laguna Point has purchased a three-property multifamily portfolio, located in Northeast Albuquerque, N.M.
The seller was PacifiCap Properties Group. The sales price was not disclosed.
The Albuquerque multifamily market continues to post a strong performance with improving vacancy rates and rents increasing year-over-year,” said Cynthia Meister, NorthMarq, which represented the seller. “The buyers were motivated by the lower price-per-unit, well-located opportunity and the attractive financing terms.”
The sale marks the buyer’s seventh acquisition in the market.
“We are excited to add to our growing portfolio in Albuquerque,” said Garrett Labar, investment manager at Laguna Point Properties. “These three workforce housing properties are well-located in the Northeast quadrant of the market and benefit from significant drive-by traffic along Montgomery Boulevard, one of the most heavily traveled arterials in the market. We look forward to imple
