Sterling senior vice president and chief of acquisitions Tarak Patolia, along with Sterling's Adam Sabella, Jim Seiler, Dawn Richter and Anthony Sferrazo worked on the transaction with AIMCO's Todd Clarke. The acquisition marks Sterling's first New Mexico buy.
"Although this is our first transaction in Albuquerque, we are very positive about this market and look forward to buying more property in the area," Patolia says. "The region has a good base of employers, available venture capital, an educated workforce and an attractive cost-of-living."
The property, located at 6101 Sequoia Rd. NW in the city's St. Pius district submarket, will undergo a major capital improvement program under the new ownership.
"We plan to invest an additional $1.1 million for capital upgrades to the Villa Ladera complex, including a full renovation of the clubhouse and the installation of 140 new carports and a similar number of washer/dryer units in individual apartments," Sabella adds. "The rental units are the largest in the St. Pius submarket, and the complex has two swimming pools, a clubhouse and fitness center."
Average rents at Villa Ladera range from $510 per month for an 800-sf one-bedroom to $650 per month for a 1,200-sf, two-bedroom, two-bath apartment.
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