Two Albuquerque real estate companies helped an affordable housing nonprofit group make its first purchase in the El Paso market.
The Fairfax, Va.-based American Housing Foundation Inc. purchased a 232-unit apartment complex for $5.65 million with the help of Todd Clarke, Grubb & Ellis/Lewinger Hamilton Inc. and Sam Carnes of Carnes & Co. Inc. The property had a vacancy rate of 7 percent and had been on the market about 15 months.
The El Paso market is often ignored by brokers on a regional level and by investors on an institutional level, Clarke.