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"1997 in Review - What sold, what didn’t, what was built, a"

Originally appeared inNew Mexico Apartment Report Vol. 5.1 - Q1’98
What Sold As predicted, more sales occurred this year in acquisitions by REITS of portfolios than all other transactions combined. With AIMCO’s purchase of NHP and BRE’s acquisition of Trammel Crow Residential, some 3,100 units changed hands in portfolio sales compared to local investors sales which totaled 529 units in 90 different transactions. Sound small? It is – duplex, triplex, fourplex, and mid size unit sales are down across the board between 30% to 60%. Average sales price at $38,204 is consistent with previous years, but the volume is lacking (more next issue). Shan Ann/Canyon Point/Mediterranean Gardens –260/180 Cimmaron Village/Pinnacle View-216 Solar Villa - 100 Topke Commons/Aspens – 232/297 What did not sell? Nothing – that’s right – nothing – there has not been a 100 unit or larger community on the market since December of 1996. Although several mid size units came on the market for the first time this year, their size, was just our of reach of the small investors and too small to gain institutional attention. For the first time in three years, one mid size community changed hands this year – Highland Park Apartments – totaling 80 units. What was built? Acantilado Vista - 138 Bluewater - 200 Taylor Ridge – 200 Karrington of Albuquerque - 108 Allegro at Tanoan Under construction: Pinnacle at High Resort - 301 Pinnacle Estates -280 Arrowhead Ridge - 160 High Vista - 264 Ventana Canyon - 264 Cottonwood Ranch – 472 units In Planning: Applewood - 264 Deserwillow -224 Renaissance Lifestyle - 240 Meadowlark - 200 Villa Hermosa - 288 5 Points – Paiz Apartments – SW -105 San Felipe Downtown - 145 to 192

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by Todd Clarke CCIM (www.nmcomreal.com/nmcomreal)
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