Stride West
Jones Lang LaSalle (“JLL” or the “Advisor”) has been exclusively retained for the marketing and sale of Stride West (the “Property”); an exceptionally well-located 280-unit apartment community in Albuquerque, featuring tremendous value-enhancement via continuing recent interior and exterior renovations and rolling rents to market.
Deal Type: Acquisition
Risk Profiles: Value-Add
Property Types: Multifamily
EXECUTIVE SUMMARY
Completed in 1985, Stride West is poised to benefit from continued interior improvements and its recently enhanced exterior and amenities, quenching the submarket’s thirst for modern finishes and quality. The Property presents a unique opportunity to invest in the rapidly growing Albuquerque multifamily market, boasting strong rent growth and occupancy metrics, extremely limited supply, and historically low unemployment.
Stride West offers spacious one- and two-bedroom dwellings with full size washers and dryers included. Current ownership has commenced a phenomenally performing renovation program, achieving average premiums of $210 per unit monthly, while still leaving 70.7% of classic units remaining to be improved upon. Additionally, the Property features rents approximately 36.7% below competitors’ average per square foot rents and 12.3% below chunk rents.
Not only is there plenty of rental upside at Stride West, but the Property is in close proximity to boutique retail and entertainment. Stride West is within walking distance to Ladera Shopping Center and Ladera Golf Club, a short drive to Old Town Albuquerque, and near ABQ BioPark. Overall, Stride West’s exceptional rental fundamentals, superb location, and value-add enhancement potential represent a winning strategy for prospective investors.