CASA BELLA - LoopNet€¦ · 10/08/2019 · CASA BELLA 425 Western Skies Dr. SE, Albuquerque, NM,...

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CASA BELLA425 Western Skies Drive SE, Albuquerque, New Mexico 87123

Offering Memorandum

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CASA BELLA425 Western Skies Dr. SE, Albuquerque, NM, 87123

This document/email has been prepared by NorthMarq for advertising and general information only. NorthMarq makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. NorthMarq excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from. This publication is the copyrighted property of NorthMarq and/or its licensor(s). © 2019. All rights reserved.

VISIT US ONLINE:

Albuquerque Office 100 SUN AVENUE NE, SUITE 650 ALBUQUERQUE, NM 87109 505.219.0724

LISTED BY: NORTHMARQ

Cynthia Meister VICE PRESIDENT T 505.219.0724 C 505.803.6232 [email protected]

Trevor Koskovich PRESIDENT T 602.952.4040 C 480.227.7420 [email protected]

Bill Hahn EXECUTIVE VICE PRESIDENT T 602.952.4041 C 602.415.9578 [email protected]

Jesse Hudson VICE PRESIDENT T 602.952.4042 C 480.437.4953 [email protected]

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CO

NT

EN

TS 06

The Opportunity

10Property Information

22Rent Comparables

38Sales Comparables

36Financial Analysis

48Market Overview

56Location Maps

CASA BELLA

CASA BELLA

EXECUTIVESUMMARY

CASA BELLA | OFFERING MEMORANDUM6

THE OPPORTUNITYCasa Bella presents the opportunity to acquire a professionally owned and managed

garden-style community with substantial value-add upside, strategically located in a

dynamic Albuquerque submarket. Albuquerque continues to experience unprecedented

job growth, which is fueling robust demand for multifamily housing in the submarket. The

asset is poised for significant revenue growth via organic market rent increases; currently

asking rents are below market. Investors have a tremendous opportunity to additionally

increase revenue by implementing a modernized exterior/interior renovation program and

charge rent premiums.

NORTHMARQ INVESTMENT SALES 7

ASSETHIGHLIGHTS

• Scaling opportunity of 152 units located in near the foothills of Sandia Mountains.

• Proximity to major economic drivers including the Sandia National Labs (currently hiring for 1,900 positions), National Nuclear Security (less than 2 miles away, under construction, and will house 1,200 employees) Kirtland AFB, Journal Center, Lovelace Health System, University of New Mexico, Downtown Albuquerque, Netflix Studios, and Los Lunas’s Facebook data center.

• Strong rental submarket - currently experiencing over 5% rent rate increases from first quarter of 2019.

• Diverse unit mix - floor plans include one, two, and three bedrooms.

• Opportunity to install dishwasher and landlord-owned washer and dryer in units and re-purpose the laundry room.

• Painting exterior with modern color palette, re-branding, modernization of signage, addition of dog park, and remodeling common areas will further enhance the community experience for prospective residents.

• Opportunity to implement reserved/covered parking – currently no available covered parking and not charging for premium parking.

• Cost savings can be realized by installing more water-efficient landscaping, low-flow water faucets & toilets, and CFL/LED lighting and fixtures - will decrease utility & contract service expenses.

CASA BELLA

CASA BELLA

PROPERTYINFORMATION


PROPERTYINFORMATION

Apartment Community Casa Bella

Location425 Western Skies Dr. SE Albuquerque, NM 87123

Total Units 152

Year Built 1973

Net Rentable Square Feet 113,802

Number of Buildings 7

Number of Stories 2 &3

Sub-market Southeast Heights

Land Size 8.12 Acres

Density 18.72 Units Per Acre

Parking 379 Uncovered Spaces

Laundry On-Site Laundry Facility

Site Description

Price Market Price

Terms Cash - Fee Simple

Offering


Style Garden Style

Foundation Concrete

Framing Masonry

Exterior Painted Stucco

Roof Built-Up

Parking Surface Asphalt

Construction

Number of Parcels 1

Tax Parcel Number 1-022-056-159-266-20103

2019 Property Tax $61,698

Property Taxes

Heating / Cooling Evaporative Coolers

Hot Water Commercial Boiler

Electricity Partially Reimbursed by Tenant

Water / Sewer Partially Reimbursed by Tenant

Mechanical

11


UN

IT M

IX B

RE

AK

DO

WN

UNIT TYPE# OF

UNITS% OF

COMPLEXSQUARE

FEET VACANT

ASKING RENT

ASKING RENT / SF

AVERAGE IN-PLACE RENT

AVERAGE RENT / SF

TOTAL ASKING RENT

TOTAL AVERAGE RENT

1BD/1BA 35 23.03% 606 2 $560 $0.92 $560 $0.92 $19,600 $19,600

2BD/1BA 81 53.29% 736 5 $659 $0.90 $611 $0.83 $53,379 $49,491

3BD/2BA 36 23.68% 916 6 $750 $0.82 $743 $0.81 $27,000 $26,748

TOTAL / AVERAGE 152 100% 749 13 $658 $0.88 $631 $0.84 $99,979 $95,839

INFORMATION AS OF: 8/10/2019


23%24%

53%

1BD/1BA3BD/2BA

2BD/1BA

UNIT TYPE# OF

UNITS% OF

COMPLEXSQUARE

FEET VACANT

ASKING RENT

ASKING RENT / SF

AVERAGE IN-PLACE RENT

AVERAGE RENT / SF

TOTAL ASKING RENT

TOTAL AVERAGE RENT

1BD/1BA 35 23.03% 606 2 $560 $0.92 $560 $0.92 $19,600 $19,600

2BD/1BA 81 53.29% 736 5 $659 $0.90 $611 $0.83 $53,379 $49,491

3BD/2BA 36 23.68% 916 6 $750 $0.82 $743 $0.81 $27,000 $26,748

TOTAL / AVERAGE 152 100% 749 13 $658 $0.88 $631 $0.84 $99,979 $95,839

INFORMATION AS OF: 8/10/2019


COMMUNITY FEATURES

Basketballcourt

Swimmingpool

On-sitelaundry

Gatedcommunity

Pet stations

Communityclubhouse

Children’splayground

Fitnesscenter

Businesscenter

Playfield

CASA BELLA | OFFERING MEMORANDUM


COMMUNITY FEATURES


CASA BELLA | OFFERING MEMORANDUM16 CASA BELLA | OFFERING MEMORANDUM16

NORTHMARQ INVESTMENT SALES 17NORTHMARQ INVESTMENT SALES 1717

FLOOR PLANS

1BD+1BA±606 SF


FLOOR PLANS

2BD+1BA±736 SF

3BD+2BA±916 SF


CASA BELLA

CASA BELLA

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COMPARABLES & ANALYSIS


$768Asking Rent/Unit

841Unit Size Average SF

PROPERTY YEAR BUILT UNITS UNIT SIZE

AVG. SFPHYSICAL

OCCUPANCYASKING

RENT/UNITASKING RENT/SF

NET RENT/UNIT

NET RENT/SF

MANAGED BY

Casa Bella 1973 152 749 91% $658 $0.88 $658 $0.88 Neiders

Borderman’s Reef 1971 53 736 94% $732 $0.99 $732 $0.99 T & C

Manzano Vista 1973 178 1001 100% $713 $0.71 $713 $0.71 Monarch

Copper Ridge 1972 180 917 95% $911 $0.99 $911 $0.99 TEAM

River Rock 1972 60 711 97% $717 $1.01 $717 $1.01 Evans

01020304

01

03 04

02

$0.91Asking Rent/SF

97%Physical Occupancy

RENT COMPARABLES



03

04

02

`

RENT AVERAGES

$768Asking Rent/Unit

841Unit Size Average SF

ASTER GARDENS

$0.91Asking Rent/SF

97%Physical Occupancy

01



APARTMENT FEATURES UNIT MIX

Casa Bella425 Western Skies Dr. SEAlbuquerque, NM 87123

Owner: Western Skies TNC LLC

RUBS: Included

GAS: Master

ELECTRIC: Master

WATER: Master

W/D IN UNIT:

GATED ACCESS: Yes

DOG PARK:

CLUBHOUSE: Yes

GYM: Yes

SPORT COURT: Yes

COVERED PARKING:

KIDS PLAYGROUND: Yes

UNIT TYPE UNITS SF ASKING RENT/UNIT

ASKING RENT/SF

NET RENT/UNIT

NET RENT/SF

1BD/1BA 35 606 $560 $0.92 $560 $0.92

2BD/1BA 81 736 $660 $0.90 $660 $0.90

3BD/2BA 36 916 $750 $0.82 $750 $0.82

TOTAL/AVG. 152 749 $658 $0.88 $658 $0.88

24 CASA BELLA | OFFERING MEMORANDUM24


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Borderman’s Reef11201 Lomas Blvd. NEAlbuquerque, NM 87112

Owner: Fremontia Properties LLC

01

RUBS: Included

GAS: None

ELECTRIC: Master

WATER: Master

W/D IN UNIT:

GATED ACCESS:

DOG PARK:

CLUBHOUSE:

GYM: Yes

SPORT COURT:

COVERED PARKING:

KIDS PLAYGROUND:


ASKING RENT/SF

NET RENT/UNIT

NET RENT/SF

1BD/1BA 2 635 $689 $1.09 $689 $1.09

1BD/1BA 34 700 $701 $1.00 $701 $1.00

2BD/1BA 17 820 $798 $0.97 $798 $0.97

TOTAL/AVG. 53 736 $732 $0.99 $732 $0.99




Manzano Vista300 Dorado Pl. SEAlbuquerque, NM 87123

Owner: City of Albuquerque

RUBS: Included

GAS: Master

ELECTRIC: Master

WATER: Master

W/D IN UNIT: Select + Hooks-Ups

GATED ACCESS: Yes

DOG PARK:

CLUBHOUSE:

GYM:

SPORT COURT: Yes

COVERED PARKING:

KIDS PLAYGROUND:


ASKING RENT/SF

NET RENT/UNIT

NET RENT/SF

1BD/1BA 21 750 $610 $0.81 $610 $0.81

2BD/1.5BA 104 975 $680 $0.70 $680 $0.70

3BD/1.5BA 53 1150 $820 $0.71 $820 $0.71

TOTAL/AVG. 178 1001 $713 $0.71 $713 $0.71

02

* Partially affordable

26 CASA BELLA | OFFERING MEMORANDUM26


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Copper Ridge557 Tramway Blvd. NEAlbuquerque, NM 87123

Owner: Bean Investments

03

RUBS: Included

GAS: Master

ELECTRIC: Master

WATER: Master

W/D IN UNIT:

GATED ACCESS: Yes

DOG PARK: Yes

CLUBHOUSE:

GYM: Yes

SPORT COURT: Yes

COVERED PARKING:

KIDS PLAYGROUND: Yes


ASKING RENT/SF

NET RENT/UNIT

NET RENT/SF

1BD/1BA 40 656 $800 $1.22 $800 $1.22

2BD/1BA 80 891 $850 $0.95 $850 $0.95

3BD/2BA 60 1126 $1,065 $0.95 $1,065 $0.95

TOTAL/AVG. 180 917 $911 $0.99 $911 $0.99




River Rock12301 Lomas Blvd. NEAlbuquerque, NM 87112

Owner: River Rock Apartments LLC

RUBS: Included

GAS: None

ELECTRIC: Master

WATER: Master

W/D IN UNIT:

GATED ACCESS:

DOG PARK:

CLUBHOUSE:

GYM:

SPORT COURT:

COVERED PARKING:

KIDS PLAYGROUND:


ASKING RENT/SF

NET RENT/UNIT

NET RENT/SF

1BD/1BA 46 672 $715 $1.06 $715 $1.06

2BD/1BA 14 840 $725 $0.86 $725 $0.86

TOTAL/AVG. 60 711 $717 $1.01 $717 $1.01

04



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RENTANALYSIS

# PROPERTY UNIT TYPE UNITS SF RENT/UNIT RENT/SF

1 Casa Bella 1BD/1BA 35 606 $560 $0.92

2 Borderman's Reef 1BD/1BA 2 635 $689 $1.09


4 Manzano Vista 1BD/1BA 21 750 $610 $0.81

5 Copper Ridge 1BD/1BA 40 656 $800 $1.22

6 River Rock 1BD/1BA 46 672 $715 $1.06

7 TOTAL/AVG. 178 670 $688 $1.03

ONE BEDROOM RENTS

1

23

4

5

6

7

$560

$585

$610

$635

$660

$685

$710

$735

$760

$785

$810

$0.80 $0.90 $1.00 $1.10 $1.20 $1.30

RENT/UNIT

RENT/SF



CURRENT ASKING TO SUBMARKET AVERAGES

$560 $128

$525 $550 $575 $600 $625 $650 $675 $700

1BD/1BA

Asking Rent Rent Differential

ONE BEDROOM CURRENT ASKING AVERAGES ARE CURRENTLY $128 BELOW SUBJECT ASKING RENTS




1 Casa Bella 2BD/1BA 81 736 $660 $0.90


3 Manzano Vista 2BD/1.5BA 104 975 $680 $0.70

4 Copper Ridge 2BD/1BA 80 891 $850 $0.95

5 River Rock 2BD/1BA 14 840 $725 $0.86

6 TOTAL/AVG. 296 872 $729 $0.84

TWO BEDROOM RENTS

1

2

3

4

56

$660

$680

$700

$720

$740

$760

$780

$800

$820

$840

$860

$0.65 $0.70 $0.75 $0.80 $0.85 $0.90 $0.95 $1.00

RENT/UNIT

RENT/SF


IN-PLACE AVERAGE TO ASKING RENTS

$611 $48

$600 $610 $620 $630 $640 $650 $660

2BD/1BA

In-Place Avg Rent Differential

TWO BEDROOM IN-PLACE AVERAGE RENTS CURRENTLY $48 BELOW SUBJECT ASKING RENTS


$659 $70

$650 $660 $670 $680 $690 $700 $710 $720 $730

2BD/1BA


TWO BEDROOM CURRENT ASKING AVERAGES ARE CURRENTLY $70 BELOW SUBJECT ASKING RENTS

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1 Casa Bella 3BD/2BA 36 916 $750 $0.82

2 Manzano Vista 3BD/1.5BA 53 1150 $820 $0.71

3 Copper Ridge 3BD/2BA 60 1126 $1,065 $0.95

4 TOTAL/AVG. 149 1084 $902 $0.83

THREE BEDROOM RENTS

1

2

3

4

$750$775

$800$825$850$875$900$925$950$975

$1,000$1,025$1,050$1,075

$0.71 $0.74 $0.77 $0.80 $0.83 $0.86 $0.89 $0.92 $0.95

RENT/UNIT

RENT/SF

IN-PLACE AVERAGE TO ASKING RENTS

$743 $7

$730 $735 $740 $745 $750

3BD/2BA

In-Place Avg Rent Differential

THREE BEDROOM IN-PLACE AVERAGE RENTS CURRENTLY $7 BELOW SUBJECT ASKING RENTS


$750 $152

$730 $750 $770 $790 $810 $830 $850 $870 $890 $910

3BD/2BA


THREE BEDROOM CURRENT ASKING AVERAGES ARE CURRENTLY $152 BELOW SUBJECT ASKING RENTS


OPERATING INCOME

Monthly Scheduled Gross Rent $99,979

Annual Scheduled Gross Rent $1,199,748

Physical Vacancy 8.55% -$102,610

Loss to Lease 3.96% -$47,544

Concessions 0.79% -$9,468

Model & Employee Units 0.11% -$1,344

Economic Vacancy 4.87% -$58,430

Net Rental Income $980,352

RUBS $152,528

Laundry Income $1,322

Other Income (Late Fees, Pet Fees, Application Fees, Etc.) $72,079

Gross Operating Income $1,206,281

OPERATING EXPENSES PER UNIT

Property Taxes $406 $61,698

Insurance $203 $30,888

Maintenance & Repairs $453 $68,800

Contract Services $254 $38,586

Electricity $407 $61,851

Gas $252 $38,261

Sewer and Water $642 $97,626

Trash $189 $28,714

Other Utilities $15 $2,329

Payroll $1,907 $289,856

Management Fee 3%OF GOI $206 $31,387

Marketing $77 $11,743

Administrative Expenses $252 $38,257

TOTAL OPERATING EXPENSES $799,996

Operating Cost Per Unit $5,263

Operating Cost Per Sq Ft $7.03

NET OPERATING INCOME $406,285

Capital Reserve $300 $45,600

ADJUSTED NET OPERATING INCOME $360,685

GROSS INCOME


MONTHLY RENT

1BD/1BA 35 606 $560 $19,600

2BD/1BA 81 736 $659 $53,379

3BD/2BA 36 916 $750 $27,000

TOTAL/AVG. 152 749 $658 $99,979

T-1 INCOME ANNUALIZED / T-12 EXPENSES

RENTSCurrent asking rents.

PHYSICAL VACANCYRent Roll dated August 29, 2019

ECONOMIC VACANCYIncludes Historical Physical Vacancy and Bad Debt

INCOMEAnnualized one month P&L statement from July 2019.

EXPENSESTrailing 12 month P&L statement from August 2018 through July 2019.

PROPERTY TAXES2018 annual property taxes quoted from the Bernalillo County Treasurer.

T-1 INCOME / T-12 EXPENSES WITH ADJUSTMENT NOTES


T-1 INCOME ANNUALIZED / T-12 EXPENSESGROSS INCOME


MONTHLY RENT

1BD/1BA 35 606 $577 $20,188

2BD/1BA 81 736 $679 $54,980

3BD/2BA 36 916 $773 $27,810

TOTAL/AVG. 152 749 $677 $102,978

RENTSIncreased asking rents 3%.

PHYSICAL VACANCYConsistent with submarket performance.

RUBSEstimated $90/month/occupied unit.Increased 3% from T-12 income operations.

LAUNDRY & OTHER INCOMEIncreased 3% from T-12 income operations.

PROPERTY TAXESProperty Tax projections based on a 2019 purchase and the County catches the sale and reassesses based on cost.

Estimate provided by Synergy Ventures Inc., a National Property Tax Group Member.

INSURANCEQuote provided by Garzella Group

UTILITIESIncreased 3% from adjusted T-12 operations.

OPERATIONAL EXPENSESBased on industry standards of similar properties.

NOTES

PRO FORMA OPERATING INCOME

Monthly Scheduled Gross Rent $102,978

Annual Scheduled Gross Rent $1,235,740

Physical Vacancy 4.00% -$49,430

Loss to Lease 1.50% -$18,536

Economic Vacancy 3.00% -$37,072

Net Rental Income $1,130,703

RUBS $157,104

Laundry Income $1,362

Other Income $74,241

Gross Operating Income $1,363,409

PRO FORMA OPERATING PER UNIT

Property Taxes $592 $89,975

Insurance $193 $29,358

Maintenance & Repairs $350 $53,200

Turnover $250 $38,000

Contract Services $100 $15,200

Electricity $419 $63,707

Gas $259 $39,409

Sewer and Water $662 $100,555

Trash $195 $29,575

Cable & Internet $16 $2,399

Payroll $1,300 $197,600

Management Fee 3.00%OF GOI $269 $40,902

Marketing $125 $19,000

Administrative Expenses $250 $38,000

Capital Reserve $300 $45,600

TOTAL OPERATING EXPENS- $802,479

Operating Cost Per Unit $5,279

Operating Cost Per Sq Ft $7.05

PRO FORMA NET OPERATING $560,930

PRO FORMA INCOME & EXPENSES


PROPERTY YEAR BUILT UNITS PRICE $/UNIT $/SF SALE DATE

Casa Bella 1973 152 On Market

Via Tijeras 1987 120 $6,242,000 $52,017 $70.16 6/24/2019

Stoney Brook 1979 52 $2,000,000 $38,462 $59.95 12/14/2018

Mountain Vista 1978 220 $11,600,000 $52,727 $59.92 11/6/2018

Sage Canyon 1982 105 $8,300,100 $79,049 $99.39 8/24/2018

Rising Phoenix 1971, 1973, 1978, 1979 512 $18,500,000 $36,133 $68.35 6/15/2018

0102030405

01

03 04 05

02

194 Units

$51,677$/Unit

1978Year Built

$71.55 Asking Rent/SF

SALES COMPARABLES



04

05

03

`

ASTER GARDENS

SALES AVERAGES

194 Units

$51,677$/Unit

1978Year Built

$71.55 Asking Rent/SF

02

01

NORTHMARQ INVESTMENT SALES


01

UNIT TYPE UNITS SF RENT/UNIT RENT/SF

1BD/1BA 39 567 $594 $1.05

2BD/1BA 81 825 $790 $0.96

TOTAL/AVG. 120 741 $726 $0.98

VIA TIJERAS13101-13115 Wenonah Ave. SE, Albuquerque, NM 87123 BUYER

Wenonah NM LLC 10531 4S Commons DrSan Diego, CA 92127

SELLERWakeland Housing and Development1230 Columbia St, Suite 950San Diego, CA 92101

SALE PRICE $6,242,000

PRICE / UNIT $52,017

PRICE / SF $70.16

SALE DATE 6/24/2019

SUBMARKET Canada Village

LOCATION/PROPERTY C / C

ELECTRIC METERING Individual

YEAR BUILT 1987

BUILDING S.F. 88,965

TOTAL UNITS 120

FINANCING

LENDER Washington Federal

LOAN AMOUNT $5,722,500

LOAN-TO-VALUE 91.68%



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02


1BD/1BA 36 555 $601 $1.08

2BD/1BA 16 750 $700 $0.93

TOTAL/AVG. 52 615 $631 $1.03

STONEY BROOK4901 San Mateo Ln. NE, Albuquerque, NM 87109 BUYER

San Mateo Suites5001 San Mateo Ln NEAlbuquerque, NM 87109

SELLERFranco Frank TrustAlbuquerque, NM 87198



PRICE / SF $59.95

SALE DATE 12/14/2018

SUBMARKET Far Northeast Heights

LOCATION/PROPERTY B- / C+


YEAR BUILT 1979


TOTAL UNITS 52

FINANCING

LENDER

LOAN AMOUNT

LOAN-TO-VALUE



03


1 BD / 1 BA 59 629 $650 $1.03

2 BD / 1 BA 57 829 $775 $0.93

3 BD / 2 BA 104 1,050 $880 $0.84

TOTAL/AVG. 220 880 $791 $0.90

MOUNTAIN VISTA1501 Tramway Blvd. NE, Albuquerque, NM 87112 BUYER

CEG Multifamily Encinitas, CA 92023

SELLERPhilip J Salley 3345 Caminito Daniella Del Mar, CA 92014



PRICE / SF $59.92

SALE DATE 11/6/2018

SUBMARKET Northeast Heights

LOCATION/PROPERTY B / B-


YEAR BUILT 1978


TOTAL UNITS 220

FINANCING

LENDER

LOAN AMOUNT

LOAN-TO-VALUE



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04


STUDIO 8 500 $669 $1.34

1 BD / 1 BA 56 706 $769 $1.09

2 BD / 1 BA 12 975 $849 $0.87

2 BD / 1.5 BA 17 975 $874 $0.90

2 BD / 2 BA 12 975 $919 $0.94

TOTAL/AVG. 105 795 $804 $1.01

SAGE CANYON6134 4th St. NM, Albuquerque, NM 87107 BUYER

Cooper Street Capital2350 Taylor St.San Francisco, CA 94133

SELLERPost Investment Group1801 Century Park ELos Angeles, CA 90067



PRICE / SF $99.39

SALE DATE 8/24/2018

SUBMARKET North Valley

LOCATION/PROPERTY C+ / B-


YEAR BUILT 1982


TOTAL UNITS 105

FINANCING

LENDER Private Lender

LOAN AMOUNT $6,640,000

LOAN-TO-VALUE 80%


05


STUDIO 237 350 $431 $1.28

1 BD / 1 BA 112 554 $524 $0.95

2 BD / 1 BA 136 733 $593 $0.81

3 BD / 1 BA 19 879 $692 $0.79

4 BD / 2 BA 8 1,180 $817 $0.69

TOTAL/AVG. 105 795 $804 $1.01

RISING PHOENIX950 Louisiana Blvd. SE., Albuquerque, NM 87108 BUYER

MKJS Enterprises LP 15635 Cobalt Sylmar, CA 91342

SELLERAMG Realty Group 8033 Ridgeway Ave. Skokie, IL 60076



PRICE / SF $68.35

SALE DATE 6/15/2018

SUBMARKET Southeast Heights

LOCATION/PROPERTY C+ / C

ELECTRIC METERING Master

YEAR BUILT 1971, 1973, 1978, 1979


TOTAL UNITS 512

FINANCING

LENDER

LOAN AMOUNT

LOAN-TO-VALUE



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CASA BELLA

CASA BELLA

MARKETOVERVIEW


AREADESCRIPTIONCasa Bella is located at 425 Western Skies Drive SE in Albuquerque, New Mexico. The

property is situated near the Sandia Mountains directly south of the I-40 and along

Central Avenue, a major east-west thoroughfare leading to University of New Mexico.

Residents of Casa Bella are close-by to major employers and points of interest,

including shopping, dining, recreational facilities, high-rated school and transportation

networks. A defining feature of the surrounding area is its stability and maturity.

The immediate neighborhood surrounding Casa Bella comprises a mixture of single-

family homes, multifamily projects, and commercial/industrial developments. Casa

Bella is less than one mile west of the recently renovated Four Hills Village Shopping

Center which features the Icon Theatres with VIP seating, Sprouts Farmers’ Market,

Starbucks, and Wells Fargo. Additionally at the intersection of Tramway Boulevard SE

and Central Avenue SE is Smith’s, providing more grocery options. The Home Depot

and Costco are less than two miles west of the property at the intersection of Central

Avenue SE and Eubank Boulevard NE. Nearby shopping malls include the Sears and

Macy’s-anchored Coronado Center, Dillard’s-anchored Winrock Shopping Center, and

ABQ Uptown, Albuquerque’s upscale option for shopping, home furnishings,

entertainment and dining is located at the intersection of Louisiana Boulevard and

Indian School Road.

The University of New Mexico, the largest postsecondary institution in the state and

one of the state’s largest employers, is a short drive away from the subject property.

Nearby Junior Colleges include Carrington College, located at Broadbent Boulevard NE

and Menaul Boulevard NW, as well as Central New Mexico Community College located

at Coal Avenue SE and University Boulevard SE. Casa Bella is minutes away from

Kirtland Air Force Base and Sandia National Laboratories. Major employment

generators such as Women’s Lovelace Hospital, Presbyterian Hospital, Journal Center,

The Balloon Field Industrial Park, Kirtland AFB, Albuquerque International Sunport,

and The University of New Mexico provide a considerable amount of business and

housing demand to the immediate area. Recently, the Department of Energy’s National

Nuclear Security Administration (DOE/NNSA) broke ground on 3-story 33,000-square-

foot structure that will house 1,200 federal and contractor employees, located less

than two miles from Casa Bella.

Los Lunas is another rapidly expanding submarket worth noting located thirty minutes

south of Albuquerque. Facebook recently opened its 7th data center in the world in Los

Lunas. The $1 billion project broke ground in 2017 and has opened its second of six

buildings and employs 150 people so far. The construction alone is expected to last

through 2023, with about 1,100 construction workers until it’s complete. The

employment has surged rental demand in the immediate area as there are very few

market rate apartment complexes.



T R A F F I C C O U N T P E R D AY C E N T R A L AV E N U E S E

25,111SOURCE: COSTAR

AVERAGE AGE WITHIN 1 MILE S O U R C E : C O S T A R

38

S U B M A R K E T O C C U P A N C YS O U R C E :C O S T A R

94%2 0 1 9 - 2 0 2 4P O P U L A T I O N G R O W T HS O U R C E : C O S T A R

3.6%

$46,542M E D I A N HOUSEHOLDI N C O M E W I T H I N 3 M I L E S

S O U R C E : C O S T A R

$198,700S F H O M EM E D I A N L I S T P R I C ESOURCE: ZILLOW/87123

WO R K F O R C E WITHIN 5 MILESS O U R C E : C O S T A R

83,001W ITHIN 5 M I L E SS O U R C E : C O S T A R

8,068BUSINESSES

1 MILE

3 MILES

5 MILES

±3,196JOBS

±28,384JOBS

±83,001 JOBS

±2,571 JOBS WITHIN A ONE-MILE RADIUS

±30,569 JOBS WITHIN A THREE-MILE RADIUS

±127,342 JOBS WITHIN A FIVE-MILE RADIUS

NUMBER OF JOBS IN THE AREA

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ALBUQUERQUEECONOMYThe Albuquerque metro area is the largest city in New Mexico. The local population is more than 900,000

residents, including nearly 550,000 residents in the city of Albuquerque. The city is historic, having been

officially founded more than 300 years ago in 1706.

Albuquerque is located in north central New Mexico in Bernalillo County. The city is located approximately

an hour southwest of Santa Fe, along the Interstate 25. The city is located approximately 450 miles south of

Denver, 420 miles north and east of Phoenix and 290 miles west of Amarillo.

The Albuquerque metro area has total workforce that topped 400,000 jobs in 2018. The market has been

expanding since 2012, but the most recent year proved to be the period with the strongest growth. Employers

added more than 10,000 net new jobs in 2018, a growth rate of 2.6 percent. The jobs added in 2018 nearly

matched the combined total from the preceding three years.

The government sector accounts for the largest employment segment in the local economy, which generally

provides steadiness in the local labor market, but causes some issues when state and local budgets are under

stress. The health of the local economy was fairly strong in 2018, supporting growth of nearly 3 percent in the

government sector, with payrolls expanding by 2,400 positions.

In the private sector, white-collar jobs were in expansion mode in 2018. The professional and business

services sector grew by more than 6 percent in 2018, with nearly 4,000 new professional jobs. Other

industries that have expanded in the past year include leisure and hospitality, and mining/construction.



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# OF COMPANY EMPLOYEES DESCRIPTION

Albuquerque Public Schools 14,810 Public School District Kirtland Air Force Base* 10,125 Air Force Materiel Command Sandia National Labs 9,852 Technology Presbyterian Hospital 7,310 Hospital/Medical Services UNM Hospital 6,021 Hospital/Medical Services City of Albuquerque 5,500 Government State of New Mexico 4,950 Government University of New Mexico 4,210 Educational Institution Lovelace Health Systems 4,000 Hospital/Medical ServicesBernalillo County 2,425 Government Rio Rancho Public Schools 2,000 Educational Institution Sandia Resort & Casino 2,000 Resort & Casino PNM Electric Services 1,935 Utilities Provider Central New Mexico CC 1,840 Educational Institution T-Mobile 1,700 Customer Service CenterIntel Corporation 1,200 Technology

Source: Albuquerque MSA Business Location Overview 5-2017

*Kirtland’s employment number includes active duty military, guard reserve, civil service and contract employees. Sandia National Laboratories employees are located at Kirtland Air Force Base, but employment number is shown separately.

LARGEST EMPLOYERS ALBUQUERQUE MSA



A CITY OF THE FUTUREThe Albuquerque metro area offers forward-thinking business leaders, entrepreneurs

and companies a supportive business environment that encourages idea generation,

growth and innovation. It’s no wonder that Foreign Direct Investment Magazine ranks

the metro area in the top 10 American Cities of the Future. Here you’ll find a

community that applauds diversity, celebrates collaboration and promotes success.

Innovate ABQ is a non-profit private-public partnership created to develop a 7-acre

innovation center in downtown Albuquerque to foster economic development and job

creation in New Mexico. With its first buildings opened in fall 2017, Innovate ABQ



A CITY OF THE FUTURE

aims to develop more than 600,000 square feet of dense, walkable space devoted to

bringing together New Mexico’s innovators to foster the creation of long-term,

job-creating ventures. The urban living and learning environment is the result of a

partnership between the University of New Mexico, Innovate ABQ, the City of

Albuquerque, Nusenda Credit Union and Bernalillo County.

Innovate ABQ is a non-profit private-public partnership created to develop a 7-acre

innovation center in downtown Albuquerque to foster economic development and job

creation in New Mexico. With its first buildings opened in fall 2017, Innovate ABQ

aims to develop more than 600,000 square feet of dense, walkable space devoted to

bringing together New Mexico’s innovators to foster the creation of long-term,

job-creating ventures. The urban living and learning environment is the result of a

partnership between the University of New Mexico, Innovate ABQ, the City of

Albuquerque, Nusenda Credit Union and Bernalillo County.

Here you’ll find a community that applauds diversity, celebrates collaboration and promotes success.


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LOCATIONMAPS


Central NM Community

College

Lovelace Women’s Hospital

Grand Canyon University College

of Nursing

Sandia Resort & Casino

Cottonwood Mall

National Nuclear Security Administration

University of New Mexico

Presbyterian Hospital

University of New Mexico

Hospital

Kindred Hospital

PMN Services

Downtown

Albuquerque International Sunport

FacebookNetflix

Coronado Center ABQ Uptown

Windrock Center

Far North Shopping Center

Arroyo Del Oso Park

ABQ BioPark Aquarium

ABQ BioPark - Zoo

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Kirtland AFB

Sandia National Laboratories

ALBUQUERQUE MSA REGIONAL MAP


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ALBUQUERQUE MSA REGIONAL MAP


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BIRDS EYE & PARCEL


CASA BELLA1-022-056-159-66-20103

BIRDS EYE & PARCEL

Albuquerque Office 100 SUN AVENUE NE, SUITE 650

ALBUQUERQUE, NM 87109 505.219.0724

Cynthia Meister VICE PRESIDENT T 505.219.0724

C 505.803.6232 [email protected]

Trevor Koskovich PRESIDENT

T 602.952.4040 C 480.227.7420

[email protected]

Bill Hahn EXECUTIVE VICE PRESIDENT

T 602.952.4041 C 602.415.9578

[email protected]

Jesse Hudson VICE PRESIDENT

T 602.952.4042 C 480.437.4953

[email protected]

CASA BELLA - LoopNet€¦ · 10/08/2019 · CASA BELLA 425 Western Skies Dr. SE, Albuquerque, NM,...

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