A Downtown Albuquerque condominium intricate now has a new operator.
Brinkman Genuine Estate, a Denver-primarily based true estate acquisition group, declared the acquire of Cascade Crossing Residences on Tuesday.
The 52-unit apartment intricate, found at 3308 Fourth NW, is the company’s very first obtain in New Mexico, in accordance to a news launch announcing the acquisition.
“Albuquerque is a ideal instance of a large-growth secondary marketplace we are hunting to rapidly scale up in,” Brett Silverstein, chief acquisitions officer, wrote in the information launch.
Brinkman Genuine Estate declined to remark on the selling price of the acquisition, but mentioned the company has shut a few investments totaling almost $70 million this calendar year such as the Cascade Crossing Residences and complexes in Ogden, Utah, and Salem, Oregon.
Past calendar year Brinkman Genuine Estate executed nearly $160 million in transactions, and is functioning on discounts “in higher-progress exurbs inside the mountain states,” in accordance to the launch.
Brinkman Real Estate is setting up to “enhance the property” by replacing flooring, lighting, and fixtures introducing washers and dryers to each individual unit adding “smart home packages” and developing a fitness facility, enterprise spokeswoman Stephanie Ashley mentioned.
Updates to personal apartments will take place on a “rolling foundation as models are turned around,” and the firm will “evaluate our present-day rents in opposition to the comparable communities,” she claimed.
At this time, a 620-square-foot studio at Cascade Crossing rents for $895 for every thirty day period, when a two-bed room device prices up to $1,375 month-to-month, in accordance to Residences.com.