SANTA FE, N.M. — Affiliates of Paceline Equity Partners LLC, a Dallas-based private equity manager, have acquired 17 acres of land for the development of a build-to-rent community in Santa Fe. Once completed, the property will feature 183 single-family rental homes. The unnamed development will be Paceline’s first partnership with Verdot Capital, the project’s developer. A construction timeline was not disclosed.
SANTA FE, N.M. — Dwight Mortgage Trust, an affiliate REIT of Dwight Capital, has provided $56.3 million in bridge financing for Madera Apartments in Santa Fe. The borrower, Thrive Development, plans to use the funds to retire the existing construction debt and complete construction and lease-up of the property. Madera Apartments will consist of 218 townhome-style units across 20 two-story buildings. Residences will come in one-, two- and three-bedroom layouts. Units will feature patios or balconies, in-unit washers and dryers, walk-in closets and smart home technology. Planned amenities include a …
ALBUQUERQUE, N.M. — The Bascom Group LLC has purchased Overlook Apartments, a 344-unit garden-style community in Albuquerque. Brandon Harrington and Tyler Woodard of Northmarq arranged the debt financing for the acquisition. TPG Real Estate Finance Trust was the lender. Trevor Koskovich, Jesse Hudson, Cynthia Meister, Ryan Boyle and Logan Baca led the Northmarq’s investment sales team that represented the seller in the deal. Situated at 6200 Eubank Boulevard, The Overlook offers units in one- and two-bedroom layouts. Amenities include two pools, a dog park, clubhouse, business center, fitness center and …
SANTA FE, N.M. — Community Preservation Partners (CPP) has acquired two affordable housing developments in Santa Fe, Sangre De Cristo Apartments and Santa Fe Apartments, for $41.8 million. The developer also plans to invest a further $51.9 million to renovate both properties. Once renovated, the two communities will be restricted to households earning below 60 percent of the area median income and will continue to benefit from project-based rental assistance. Santa Fe Apartments is located at 255 Camino Alire. The property features 64 units and was built in 1968. Sangre …
ALBUQUERQUE, N.M. — Community Preservation Partners (CPP) has acquired Mountain View II and III, two affordable properties that share a contiguous block in Albuquerque, for $22.8 million. CPP will renovate the two garden-style communities and operate the assets as one development called Mountain View Apartments. The seller was not disclosed. Mountain View II was built in 1967 and Mountain View III was built in 1968. In total, Mountain View Apartments offers 241 units across multiple two-story buildings and townhouses. Units come in studio, one-, two- and three-bedroom floor plans. Amenities …