Community Preservation Partners has purchased Mountain View II and III, two affordable housing communities in Albuquerque, N.M., for $22.3 million. JL Gray Co. sold the assets, according to Yardi Matrix information. The company had acquired the communities last year from Monarch Properties.
Totaling 241 units, Mountain View II and III will undergo an extensive renovation process. CPP’s total development investment, marking its first Albuquerque project, will amount to some $65.8 million.
To operate as one community going forward, Mountain View II and III serve residents earning 60 percent of the area median income. Following the change in ownership, the property will remain affordable and prevent displacement of residents for the next 30 years.
Completed in 1967 and 1968, respectively, Mountain View Apartments encompass 18 two-story buildings with studio, one-, two- and three-bedroom floorplans ranging between 519 and 1,014 square feet, Yardi Matrix shows. Common-area amenities include a playground, laundry facilities and approximately 200 parking spaces.
Situated on more than 12 acres at 1515 and 1333 Columbia Drive SE, Mountain View Apartments is near Interstate 25, which provides easy access across the Albuquerque metropolitan area. UNM Hospital, the University of New Mexico and Fairview Memorial Park, together with several dining options and retail centers, are within walking distance.
Extensive renovations at the Albuquerque community
The total site renovation will involve various community upgrades, along with ADA compliancy, energy efficiency and improved security. Completion is expected in late 2024.
Energy efficiency improvements are set to include low-flow and flush-rated plumbing fixtures, LED lighting and Energy Star-rated appliances. Property upgrades will also include full asphalt replacement, the addition of a perimeter fence and landscape improvements, along with new windows and playgrounds. In addition, free Wi-Fi access will be provided to all residents.
The renovation plan also focuses on better accessibility throughout the property. The common-area interiors and restrooms will receive the necessary modifications to comply with accessibility requirements and maneuverability restrictions. A total of five units will be set aside for hearing-impaired residents.
Project financing includes 4 percent in low-income housing tax credits provided by the bond issuer, New Mexico Mortgage Finance Authority, as well as construction and debt financing from KeyBank through a forward under the Freddie Mac TEL program. R4 provided equity financing.
Last month, CPP acquired a 44-unit affordable housing community in Palm Springs, Calif., for $11.2 million. The affordability of Sunnyview Villa will be extended for an additional 55 years due to the developer’s investment and planned renovation.
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