Investment Summary
We’ve partnered with Cooper Street Management to purchase two stabilized apartment communities in Albuquerque, New Mexico — The Arbors and The Courtyards — for approximately $31 million. Across these properties, there are 34 buildings totaling 529 apartments. Cooper Street Management plans to renovate the units and common areas for an estimated budget of $2 million, with the goal of raising rents once the renovations are complete. This acquisition was financed with two 10-year loans from Barings Bank and Freddie Mac.
Cooper Street Management currently owns 14 communities with over 1,200 units, valued at roughly $145 million, and has past experience investing in Albuquerque.
Albuquerque presents a strong investment opportunity given its stable labor force and lack of new construction. Major employers include the federal government, higher education, and hospital systems, which typically provide a steady job market and consistent demand for housing. This demand, coupled with a limited supply of new homes, has resulted in steady rent growth in the metro area.
