Since the end of the second quarter, however, a couple of large deals have been reported. Indeed, noted New Mexico Business Weekly in September, “In a sluggish investor market for commercial properties, the multifamily sector has come alive. Two apartment complex sales in the past month have generated nearly $45 million in investment from California buyers in the Duke City. More big deals are in the pipeline that will make 2012 the most active year for apartment sales in several years, say brokers who focus in this under-the-radar market.” The largest deal of the year, announced in late August according to this source,
was Beverly Hills-based Aragon Holdings’ acquisition from developer Alliance Residential LLC of the Broadstone Towne Center property located near Albuquerque International Sunport. The 240-unit Class A property, built in 2009, was 95% occupied at sale date.