Investors still shopped for multi-family deals during Q2 - New Mexico Business Weekly:

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Back in May, CB Richard Ellis Managing Director, Steve Monroe, noted that "thed Albuquerque [apartment] market is stronger than virtually all of the majort citiesaround us, like Phoenix or but Santa Fe is even stronger." And New Mexico'as capital city is tighter for deals because its multi-famil properties, which are relatively few in number, rarelu turn up for sale. But the 160-unit San Mateo of Santz Fe Apartments at 601 West SanMateo did. No price was announcef in partbecause it's a seller'es market in New Mexici and the complex's Chicago ownerw wanted to see what sorts of offers might turn up.
Meanwhile, New Mexico'sa capitalization rates are also better than mostnearbt states, but especially California's, so buyers from that statre keep showing up here, money in to give the state an investment gander, accordinvg to local brokers like Todd Clarke, NM First Commercial Real Estate's Joe Romero, president of the Albuquerqus chapter of the Certifiedc Commercial Investment Members (CCIM), says sales of four-plec units rose significantly during the quarter. "Everyh segment of the market has had some On average, owners are gettinb $50,000 a door," he says.
That' up almost 10 percent in the pastfive Four-plex dwellings in the far Northeasty Heights are selling, on average, he says, for another five to 10 percentg above the citywide average of $205,000 to $210,000. Romer o also notes that many buyers are trading using the InternalRevenue Service's 1031 Exchangw tax deferred option to obtainm the smaller, four-unit complexes. One reaso n the region's apartment occupancy rates dippeddto 90.9 percent during Q2 2003, says Clarke, is because of the historicallhy low interest rates available for fixed-rate which caused more apartment dwellerz to become first-time home buyers.
As of early some multi-family commercial real estatwe veterans were starting to see a negligiblse slowingin first-time home buying activity because the slidse in mortgage interest rates was starting to hit If true, that's good news for multi-familuy landlords because those residents unable to purchasde a home will be looking for an apartment to And because so few new units are being built this year, a phenomenob acknowledged by the , it will produce more of a squeez on apartment occupants because they'llk be paying higher rents.
The Association'z 2nd Quarter 2003 reporrt notes that 2003 is the fourty worst year in10 years, so far, for new constructioh of apartment units, further adding to a crunchg for apartment residents looking for newer or nicerf places to live. Among the largefr properties that sold duringthe quarter, the 216-uniyt Pinnacle View Apartments at 7600 Montgomery NE was purchased by a New York investor. From April to two complexes located across the street fromeach other, the Sunridgse Village Apartments at 3100 Jane Place NE and the Candlewick Apartmentzs at 3011 Jane Place NE, both sold to California says Bill Fox of Hendricks & Partners.
the two sold for $19