Thayer Manca Residential (TMR) has purchased Mirabella Heights, their newest multifamily property in the Albuquerque, New Mexico market. The acquisition of the 280-unit property, combined with renovation costs, creates over a $100 million investment into the Albuquerque multifamily market in the last two years.
With $4,700,000 in renovation budget, the repositioning plan includes a reinvented clubhouse, modernized 24-hour fitness center, upgraded pool area, a new pet park, addition of package lockers, interior unit renovations, property rebranding and additional capital upgrades.
Mirabella is located on a 13+ acre site in the Sandia Heights district of Albuquerque, across the street from the entrance of Sandia National Laboratories and two blocks from Sandia Science & Technology Park. The property’s unique location also makes it the only post 2000-built garden style apartment community in the surrounding market.
“This is our third transaction in Albuquerque in the last 16 months” says Bruce Thayer, TMR Principal. “The historical stability of this market, in concert with its more recent economic growth, furthers our confidence in our acquisitions strategy in New Mexico.”
In 2018, TMR also purchased the 263-unit Circ Apartments (previously Ventana Canyon) & the 200-unit Ottavo Apartments (previously Presidio).
Mirabella Heights is located at 701 Stephen Moody St SE, Albuquerque, NM, 87123.