Albuquerque Multifamily Conversion

04-12-2022
05-19-2022

25 Hotel Cir NE, Albuquerque, NM 87123

  • Opportunity to Convert Existing Property to Modern Apartment Complex
  • Property is Currently Vacant and Sits on 5+ Acres in the Desirable Albuquerque MSA
  • Parcel Already Rezoned for Multifamily Utilization
  • Short Drive to The University of New Mexico and Several Medical Centers
  • 8 Miles to Kirtland Air Force Base (23k+ Employees) and Albuquerque International Sunport (5.4M+ Passengers in 2019)
  • Nearby Attractions Include The Downs Racetrack & Casino, Cliff's Amusement Park, ABQ BioPark, and the Albuquerque Balloon Fiesta, which Brings 800k+ Visitors to the Area Each Year
  • Ideally Located Along Interstate 40, Minutes to Downtown Albuquerque
  • New Developments in the Area Include Max-Q Mixed-Use Project at Kirtland AFB, the Orion Center, and the Netflix Studios Expansion

Property Description

Property Tours

Do not contact on-site staff. All property tours must be scheduled through the listing agent. Prospective purchasers are encouraged to visit the subject property prior to submitting offers.

 

Marcus & Millichap has been chosen to exclusively market for sale the Albuquerque Multifamily Conversion, a proposed 199-unit apartment complex that has been rezoned for multifamily use with 218 units, located on over 5 acres in Albuquerque, New Mexico. The subject property is currently the vacant Ramada Inn & Event Center and the Amberly Suites, which comprise of 210 rooms, a banquet hall, onsite restaurant and outdoor pool. The proposed conversion will maintain the current two-story, 6-building layout. The project will focus on upgrading all exterior facades and landscaping to showcase elements of the Southwest, with the inspiration of native landmarks/sites and the general feel of New Mexico. This new apartment complex will include amenities such as an onsite restaurant, heated outdoor pool & spa, common area with firepit, spacious interior commons, and tenant laundry facilities. Each unit will include a living/eat-in area, Murphy bed, modern bathroom with rain showerhead & floating vanity, and kitchen equipped with quartz countertops & stainless steel appliances.

Key Property Information

Listing Status
Available
Price
$ 7,484,000
No. of Units
210
Year Built
1969
Lot Size
219,542.4 Sq ft
No. of Stories
2
APN
1-021-057-067-412-2-01-05
Opportunity Zone
Off
Price per unit
$ 35,638
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