1701 Indian Plaza Dr NE, Albuquerque, NM 87106

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Building Details:

1701 Indian Plaza Dr NE is located in Albuquerque, NM.

Please find attached a flyer for our newest listing the Cedars, Indian Plaza, and Girard apartments.

This is the first time these 248 units have been offered for sale since the current owner bought them some 25 + years ago.

Nestled in the prestigious Netherwood park neighborhood, The 140 unit Cedars and Indian Plaza are located located behind and immediately adjacent to the Whole Foods at Carlisle. These two adjacent communities also have an adjacent city park as an amenity. The 72 unit that make up the Cedars are on individual lots which offers the potential for future sales as individual units.

The 108 unit Girard Apartment are separated into three communities that are within sight of each other. These units are 100% studios, furnished and master metered. The current occupancy standards allow only 1 occupant per unit.

The combined portfolio contain 25 different floor plans from small studio units to large loft units each of which is on a month to month lease.

The properties are offered for a 7.5% CAP rate based on current rent roll (annualized), and EOY 2011 expenses (or a 7.0% Cap with reserves). Although the properties have a small amount of debt, they can be delivered free and clear at time of closing. If you need financing, I have obtained quotes from a half dozen local lenders who have expressed an interest in the deal.

I recently toured all of the communities and I can tell you I was impressed with how the owner manages and maintains the properties and the owner's commitment to keep each community in good condition. A majority of the units have been upgraded in the last decade and besides the parking lots, there were few signs of deferred maintenance.

An offering memorandum will be available on February 7th, 2012 - you can execute the confidentiality agreement for it here - www.nmapartment.com/carloca .

A tour of the properties has been arranged for February 23rd, 2012 at noon. In the event you cannot make that tour, we will be glad to work with you to schedule another time.

The offering deadline is March 8th, 2012 at 5pm MST.