Sierra Meadows - New Mexico

Jones Lang LaSalle Americas, Inc. (“JLL”) or its state-licensed affiliate has been exclusively retained to offer an opportunity for qualified investors to purchase the fee simple interest in Sierra Meadows (the “Property”), a 120-unit asset in Albuquerque, New Mexico. Positioned in the desirable Northeast Heights submarket, the Property’s location provides residents with scenic views of the Sandia Mountain range and proximity to some of the area’s biggest economic drivers including the University of New Mexico, Sandia National Laboratories, and a plethora of strong neighborhood retail centers. Furthermore, Albuquerque has seen continued growth over the past decade, adding ~50,000 jobs (6.4% growth) since the start of 2020. Built in 1973, Sierra Meadows presents prospective owners with the potential to carry forward a proven value-add program as upgraded units are achieving $186 premiums over the 69 unrenovated units. In addition, new ownership is afforded the opportunity to assume a full-term IO Fannie Mae loan with ~6 years remaining and a well below market rate of 2.82%.