New York firm buys two Albuquerque apartments, plans upgrades
ABQ Encore and Uptown Horizon complexes are set to get renovations after recently being sold.
Plans are underway to renovate two multifamily complexes in Albuquerque after they were recently sold to a New York-based firm. ABQ Encore LLC and Uptown Horizon Apartments LLC were the sellers, according to a news release from Northmarq real estate agency. The company's investment sales team, including Cynthia Meister, Trevor Koskovich and Jesse Hudson, handled the deal. She said a contractor and design firm had not yet been selected for the renovations. 'The seller was exiting the Albuquerque market after completing the sale of a larger property in early 2022, so they wanted to sell ABQ Encore and Uptown Horizon together.' Located at 810 Eubank Blvd. NE, the two-story community is made up of 129 units. The other apartments are one-bedroom units and measure in at 551 square feet. The trade-off will be an increase in the asking rent in order to 'maximize revenue,' according to the Northmarq news release. It is located at 7601 Lomas Blvd. Twenty-five of those underwent kitchen upgrades in 2017 and the property's roof was also replaced in 2018, according to the news release.