Stride West is a 280-unit garden-style community located in West Albuquerque. Albuquerque continues to experience unprecedented job growth and major economic developments in the area, which are fueling robust demand for multifamily housing in the market. The property is situated less than a mile west of Coors Road which is a major north-south thoroughfare running through the state and providing connectivity to some of Albuquerque’s largest employers including Intel.

Stride West comprises a favorable unit mix of 50% one-bedrooms and 50% two-bedroom with spacious floorplans averaging 1,000 square feet. The average unit size at Stride West exceeds all of the property’s direct competitors.

The asset is positioned for substantial revenue growth via continuing the proven value-add renovation program. Current ownership recently renovated 30% of interiors with upgrades including new flooring, stainless steel applicances, countertops, hardware, plumbing, fixtures, lighting and two-tone paint. The renovated units are achieving in-place rent premiums of $145 for the one-beds and $210 for the two-beds. There is additional mark-to-market rent potential of $172 for the one-beds and $93 for the two-beds.

The community has experienced tremendous organic rent growth as recent leases have been trending up. Since April 2024, rents for new move-ins have increased by 16%. From June to July, new leases have increased 13% and renewals have increased by 7%.

Ownership recently invested $3.5+ million on capital improvements including but not limited to new roofs on 7 buildings and the clubhouse (2021-2022), clubhouse, fitness center, pool area, exterior paint, parking lot, signage and rebranding, exterior lighting, security gates, landscaping, and interior upgrades.

The property is perfectly positioned for the next investor to continue the current renovation program or capitalize on other ancillary income opportunities including moving rents to market.