Press Release, May 31, 2018

CALCAP Closes Acquisition of 120 Unit Lincoln Place Apartments – Albuquerque, New Mexico

 

For Immediate Release:

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 investorrelations@calcapadvisors.com for more information.

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