CALCAP Advisors, a Pasadena based real estate investment company, is pleased to announce the purchase of a portfolio of the 120 unit apartment community known as Lincoln Place Apartments in Albuquerque, New Mexico. CALCAP acquired the property from a private seller for $7,525,000 ($62,708 per unit/$95 per square foot). This purchase price reflects a significant discount to replacement cost. The property was built in 1981.
The LLC was capitalized with $4,040,000, and financed with a $5,250,000 agency loan. Their plan is to completely renovate and re-position the asset given its current condition and ideal location, generating substantially improved cash flows as a result of higher rents.
This sale represents CALCAP’s 24 acquisition over its 10 year history.
For more information please contact Drew Buccino, COO of CALCAP Advisors at 602-419-3381 or e mail firstname.lastname@example.org for more information.