Oregon-based investor scoops up more Albuquerque property
An Oregon-based investor has increased its Albuquerque holdings to 700 units.
Jon Oksenholt said the entire purchase of The Canyons portfolio was finalized on Friday.
Jon Oksenholt, owner of Oksenholt Properties LLC, told Albuquerque Business First an affiliate of the company purchased The Canyons, a portfolio of multifamily housing. The portfolio consists of Canyon Point, Canyon Ridge and Canyon Vista. In total, the three properties have 420 units.
To see a breakdown of the properties, view the chart below. Oksenholt said the properties were about 94 – 96 percent occupied at the time of purchase.
He said Canyon Point and Canyon Vista closed on Aug. 30 and Canyon Ridge closed Friday. As for the future of the properties, Oksenholt Properties is looking to upgrade some of the apartments, which will be managed by Arizona-based MEB management.
“The portfolio offers a compelling opportunity due to Albuquerque’s high barriers to entry and healthy demographic trends,” said Oksenholt.
Oksenholt declined to disclose the price of the purchase but said he purchased the properties from Colorado-based Monarch Investment and Mangement Group, which could not be reached for comment. Art Wadlund and Bill Fox of Berkadia represented Monarch. Berkadia – headquartered in New York – is a real estate company that provides capital solutions, investment sales advisory and research services for multifamily and commercial properties.
Monarch Investments does still have a presence in the Duke City. Its properties include La Vida Buena Apartments, Mesa Ridge Apartments and Mission Hill Apartments amount others, according to its website.
