Hunt Real Estate Capital announced today that it provided a Fannie Mae conventional multifamily loan in the amount of $7.7 million to finance the acquisition of a multifamily property located in Albuquerque, New Mexico.
Sage Canyon Apartments is a 105-unit, garden-style apartment community that was built in 1985 and is situated on 3.96 acres of land. The property is comprised of eight two-story buildings and one single-story building. The leasing office, fitness center, and common laundry facility are located in the single-story building. Entry to the property is controlled by a rolling access gate, and parking is provided on-site via 113 parking spaces.
The loan features a 12-year term with amortization based on a 30-year schedule and 48 months of interest only. The borrower is Engel Sage Canyon, LLC, an Alabama single asset entity.
“Sage Canyon is a very nice asset,” noted Chad Hagwood, Senior Managing Director at Hunt Real Estate Capital. “The seller had been performing renovations on-site and our borrower will continue the renovations and enhancements.”
Since 2019, 48 of the 105 apartment units have been renovated. The renovations include the installation of new flooring, paint, lighting, plumbing fixtures, appliances, and stackable laundry machines. During 2018, additional improvements were completed, including asphalt repairs, new pool gazebos, installation of a new signage, exterior lighting improvements, solar screens, private balconies, and exterior painting.
“The local economy in the Northwest Albuquerque market has been improving with a growing population and employment rate overall,” added Hagwood. “There has been only a modest increase in supply over the past 10 years and vacancy has remained consistent since 2010.”
The local economy is diversified across several sectors, including government, health services, tech, education, and retail.