Copper Ridge

11-11-2021
11-11-2021

557 Tramway Blvd NE, Albuquerque, NM 87123

  • Opportunity to raise rents organically as current asking rents are ±$150 below submarket averages.
  • Implementing a strategic interior value-add program and raising asking rents will increase revenue and value.
  • Opportunity to install washers and dryers in unit and increase asking rents $50/unit/month.
  • Desirable unit mix:  mix of one-, two-, and three-bedroom floorplans. 
  • Opportunity to capitalize on ancillary income opportunities like installing covered parking and charging $25-$35/space. 

Property Description

Copper Ridge is a 180-unit professionally owned and managed garden-style community with substantial value-add upside, strategically located in the dynamic Northeast Albuquerque submarket. Albuquerque continues to experience unprecedented job growth and major economic developments in the area, which are fueling robust demand for multifamily housing in the market. The asset is poised for significant revenue growth via organic market rent increases; current in-place rents are ±$150 below market. Investors have a tremendous opportunity to increase revenue and value by improving operations and implementing a strategic renovation program. Currently 100% of units at Copper Ridge have classic interior finishes. Investors have a blank canvas opportunity to renovate the 180-classic interiors and increase asking rents ±$150 on average. Additionally, investors have the opportunity to install in-unit washers and dryers and capitalize on an additional $50/unit/month. Other ancillary income opportunities include installing covered parking and charging $20-$35/space and recapturing loss to old lease.

Key Property Information

Listing Status
Available
Listing Type
Highest & best offer
Multifamily type
Garden Style
No. of Units
180
Year Built
1972
Building Size
165,080 Sq ft
Lot Size
772,318 Sq ft
No. of Stories
2
No. of Parking Spots
320
Opportunity Zone
Off
Price per unit
$ 0
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35.077008, -106.498684

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