|The Bascom Group LLC has acquired the Overlook Apartments, a 344-unit, garden-style multifamily property in Albuquerque, NM. Built in 1988, the property is located at 6200 Eubank Blvd, just south of Academy Rd.
Located within the desirable Northeast Heights submarket of Albuquerque, The Overlook offers residents a low-density, garden-style community with an attractive mix of one- and two-bedroom units. Community amenities include two large swimming pools and spas, dog park, resident clubhouse, business center, fitness center, and barbecue areas. The property is near outstanding nearby public schools with average ratings of 9/10, premier retailers like Whole Foods, Trader Joes, and Target, as well as accessibility to major employment drivers including Netflix Studios, Intel Corporation, Sandia National Labs, and the University of New Mexico.
According to Paul Zakhary, Bascom’s Senior Vice President of Portfolio Operations, the company intends to renovate unit interiors with new appliances, countertops, backsplash, cabinetry, as well as enhancing the property’s exteriors and community amenities. Most of the units remain in classic condition, giving Bascom room to add desirable elements while providing residents an affordable housing option.
Albuquerque continues to flourish with steady economic growth as employers are attracted to the region’s highly educated workforce and excellent quality of life. The city serves as a hub for various industries including film production, technology, manufacturing, energy, healthcare, education, and government. In the past few years, Albuquerque’s economic growth has been boosted by the the relocation of major tech companies including Facebook, Amazon, Apple, Netflix, and Google. The city’s strategic location along major transportation routes facilitate trade and commerce, while the low cost of living and favorable business operating costs make it an attractive destination for companies. As a result, Albuquerque’s economy continues to grow and diversify, creating opportunities for both residents and businesses alike, positioning it as a promising city in the southwestern United States.
The price was not given out. The seller was represented by Northmarq’s Trevor Koskovich, Jesse Hudson, Cynthia Meister, Ryan Boyle, and Logan Baca. Brandon Harrington and Tyler Woodard of Northmarq arranged the debt financing for the acquisition with TPG Real Estate Finance Trust as the lender. Apartment Management Consultants will provide property management services and SD-CAP will provide construction management.
The property marks Bascom’s first multifamily acquisition in the state of New Mexico. The purchase of Overlook comes on the heels of the recent Bascom purchases including Avenida Lakewood, a 230-unit Active Adult (55+) apartment community in Lakewood, Colorado, and Texan26, a 204-bed student community in Austin, TX.