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3131 Adams St NE, Albuquerque, NM 87110
6401 Academy Rd NE, Albuquerque, NM 87109
UNITS
232
BuILT
1973 / 2019
UNITS
280
BuILT
1982 / 2019
Villa Del Cielo is a 280 unit garden style multifamily community strategically situated in the strongest submarket of Albuquerque, the Northeast Heights. Northpointe Village is 5 minutes from I-40 and a short commute to the dynamic Uptown business and retail district and all major employment centers.
Villas De La Terraza is a 232-unit garden style multifamily community 4 miles from Villa Del Cielo via San Mateo, one of the major north/south arterials in the heart of the Northeast Heights. The property is 5 minutes from the I-25 / Journal Corridor which contains more office space than downtown ABQ and quick access to the Uptown District and all major employment centers.
EXCELLENT NORTHEAST HEIGHTS LOCATIONS
The Northeast submarket has the lowest vacancy rate in Metro Albuquerque – just over 6% as of the First Quarter of 2023 – and operations continue to improve. Both properties enjoy excellent visibility along major arterials.
APPRECIATING HOME VALUES
According to the National Association of Realtors, the median home price in the surrounding area saw a year-over-year appreciation of 35.3%, reaching $675,000 in July 2022.
EXPANDING POPULATION
Over the next five years, the TMA is projected to see 2.3% population growth, reaching 43,402 residents by 2028. Average age of renter at Vizcaya is 39.
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EASY COMMUTING ACCESS
Vizcaya and Altitude at Vizcaya are within a quarter mile of State Route 300, State Route 285, and Interstate 25, providing easy transport north to Downtown Santa Fe or south to Albuquerque.
BARRIERS TO ENTRY
The lack of available land appropriately zoned, cost to purchase water rights, buyout of mandated affordability, current interest rates, and higher costs to develop in Santa Fe are currently making new projects hard to pencil.
SUPPLY VS. DEMAND
As of December 2022, the Santa Fe rental market remains underserved by 6,484 units. Combined with the continued expansion of Los Alamos National Laboratories, experts say Santa Fe’s demand continues to outpace its availability, regardless of how many units are built.
PRIME MARKETING WINDOW
Both Rodeo Road and State Route 84 provide clear views of the property, with thousands of individual cars passing by annually.
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Vizcaya
Altitude at Vizcaya
ALTITUDE AT VIZCAYA & VIZCAYA SHARE COMMUNITY AND FITNESS CENTER
Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage company business in Nevada.
© 2023 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by the Tax Credit Syndication group. For state licensing details for the above entities, visit www.berkadia.com/licensing.
Mortgage Banking
BILL FOX
Senior Director
505.855.7606
bill.fox@berkadia.com
Michael Slovitt
Managing Director
312.636.5322
michael.slovitt@berkadia.com
Investment Sales
6565 Americas Parkway
Suite 200, Office #234
Albuquerque, NM 87110
ALBUQUERQUE INVESTMENT SALES OFFICE
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APPRECIATING HOME VALUES
According to the National Association of Realtors, the median home price in the surrounding area saw a year-over-year appreciation of 14.9%, reaching $500,000 in January 2023.
CONVENIENTLY LOCATED
Nestled just 10 minutes outside of Downtown Santa Fe, Altitude at Vizcaya is within 10 miles of the largest employers in the area including the State of New Mexico and Santa Fe Community College. Los Alamos National Laboratory, where a sizable number of residents are employed, is just 45 minutes west of the Property. Los Alamos Laboratory announced in 2023 that they will be hiring 2,000 new employees. The Santa Fe Regional Airport, eight miles west of the Property, began a $21.5 million expansion estimated for completion in August 2023.
CONVENIENTLY LOCATED
Nestled just 10 minutes outside of Downtown Santa Fe, Altitude at Vizcaya is within 10 miles of the largest employers in the area including the State of New Mexico and Santa Fe Community College. Los Alamos National Laboratory, where a sizable number of residents are employed, is just 45 minutes west of the Property. Los Alamos Laboratory announced in 2023 that they will be hiring 2,000 new employees. The Santa Fe Regional Airport, eight miles west of the Property, began a $21.5 million expansion estimated for completion in August 2023.
STRONG RENTAL METRICS
At $1,631 per month as of 4Q22, the effective in-place rents are up 7.6% year-over-year, 23.9% above the five-year historical average. Average occupancy rates remain steady at 96.5%, which is down 110 basis points annually but 70 basis points higher than the five-year average.
STRONG RENTAL METRICS
At $1,631 per month as of 4Q22, the effective in-place rents are up 7.6% year-over-year, 23.9% above the five-year historical average. Average occupancy rates remain steady at 96.5%, which is down 110 basis points annually but 70 basis points higher than the five-year average.
AFFLUENT HOUSEHOLDS
Median household incomes are projected to grow 10.6% over the next five years, reaching $70,646 by 2028. Currently, 29% of households earn $100,000+ annually, with 71% of workers in white-collar positions.
Villas de la Terraza
Villas de la Terraza
Villas del Cielo
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Irreplaceable, Best in Class 468 Generational Asset in Santa Fe
HIGH REPLACEMENT COST PER SQ. FT
The cost to build in Santa Fe is approaching $300 per sq. ft. Developers are required to purchase water rights and “buy-out” of an affordability component mandated by the city of Santa Fe.
Call for Offers is April 4th
EDUCATION
Albuquerque Academy (12 minutes): Ranked the fifth best private school in the country in 2016 with grades 6-12, drawing students from the entire state. The University of New Mexico, National American University (NAU), and CNM Joseph M. Montoya Community College are also located in the vicinity of the property.
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MEDICAL CENTERS
The University of New Mexico Hospital, Kindred Hospital, and Lovelace Women’s Hospital are located within a six-mile radius of the property.
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EMPLOYMENT CENTERS
Both properties are ideally located for convenient travel to all major employment centers; Uptown District (4 minutes)Sandia National Laboratories (8 minutes) Kirtland Air Force Base (8 minutes), University of New Mexico (12 minutes), downtown Albuquerque (10 minutes), and The I-25 Corridor (11 minutes).
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PROXIMITY TO SHOPPING AND EMPLOYMENT CENTERS
Regional Retail: a short commute to the dynamic Uptown business and retail district in the heart of the Northeast Heights, which includes three of Albuquerque’s premiere regional malls featuring prominent national retailers: ABQ Uptown Lifestyle Center, Coronado Center; and The Winrock Town Center, which is currently undergoing a major re-development with a planned water themed park. It now includes a 72,000 square foot, 16 screen Regal Movie Theatre with an IMAX Screen, along with several restaurants and national retailers. Additions to the 83-acre site are BJ’s Restaurant and Brew House, a semi-urban Super Target, Dave & Busters, and Trader Joe’s.
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VALUE-ADD
The seller has upgraded 72 unit interiors at Cielo allowing a new owner to reposition the remaining 208 units. The current upgrade program includes black appliances, grey vinyl flooring and carpet, resurfaced countertops in bathrooms and kitchen, and brush nickel hardware. The rent premium being achieved for the upgraded units is $150.00.
The Northeast Heights market is substantially built-out, with limited opportunities for new multifamily development nearby. This, combined with Albuquerque’s healthy demographic trends, ensures continued strong demand. Located in a predominantly residential neighborhood, the properties affords residents with serene mountain views in a quiet setting.
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RENTS CONTINUE TO INCREASE
The Northeast Heights has seen continued rent growth over the past year with many properties experiencing their best operations. Albuquerque’s economy has remained resilient with job growth.
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EXCELLENT NORTHEAST HEIGHTS LOCATIONS
The Northeast submarket has the lowest vacancy rate in Metro Albuquerque – just over 6% as of the First Quarter of 2023 – and operations continue to improve. Both properties enjoy excellent visibility along major arterials.
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Investment Highlights
Villas del Cielo