News and Releases
September 27, 2011
Virtú Investments Acquires the Mesa Del Oso Apartments
*Albuquerque, NM*— Virtú Investments, LLC, a San Francisco based real estate investment management firm, purchased the 221-unit Mesa Del Oso Apartment community in Albuquerque, NM. The purchase price of $26,000,000 represents an excellent value for this condo-quality asset in a desirable infill location within Albuquerque’s well-established North East Heights submarket.
Mesa Del Oso has never been remodeled since its original built in 1981. Upon renovation, Virtú believes this property will be the most unique and desirable asset in the submarket, given its timeless adobe architecture, 11-foot ceilings, wood burning fireplaces, enclosed back yards, oversized transom accent windows, large kitchens with center islands, and garages for every unit. The property’s common area amenities are comprised of a clubhouse that includes a fitness center, onsite laundry facilities, and two swimming pools.
Mesa Del Oso blends well into the surrounding environment with its attractive southwestern-style architecture and mature varied landscaping. The location offers a peaceful living atmosphere while being minutes from a full range of retail establishments and services, with easy access to highways and employment centers.
The property has maintained approximately 98% occupancy over the last few years despite the tired appearance of the units and the common areas, highlighting the demand for such large and unique one-story floor plans within a park-like setting. Virtú will execute various unit renovations packages that will include the addition of new faux wood floors, upgraded unit lighting, kitchen and bathroom renovations, window treatments and a full repaint of unit interiors.