CPP Acquires Two Affordable Communities in Albuquerque, New Mexico for $22.8 Million

by Channing Hamilton

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 include laundry facilities, off-street parking, a picnic area, playground and on-site management.

CPP’s total investment in the project is expected to be approximately $65.8 million, which includes the purchase price and estimated per-unit renovation cost of $95,078. Renovations to the property will include repairing a burnt building, ADC compliancy, energy efficiency and improved security to the community. Renovations are slated for completion in December 2024.

Project partners include New Mexico Mortgage Finance Authority; KeyBank, which secured construction and debt financing through Freddie Mac; and R4, which will provide equity financing.

You may also like