Sterling Enters New Mexico with 280-Unit Multifamily Buy

ALBUQUERQUE, NM-New York City-based Sterling American Property Inc., in joint venture with Alliance Residential Co. of Phoenix, has acquired the 280-unit Villa Ladera garden apartment complex here. Denver’s Apartment Investment & Management Co. sold the property for $11.2 million.

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.”