Presario Ventures acquired Casa Tierra in early 2017 with a Fannie Mae loan provided by CBRE. The property is a 122-unit Class B+ asset located in the heart of one of Albuquerque’s most desirable submarkets. The business plan was to cure deferred maintenance and capex items and conduct light interior renovations, stabilizing the asset for investor cash flow. This value-add opportunity allowed the partnership to provide updated property amenities and full remodels to approximately 40% of the units. Upon completion of the business plan, the disposition was finalized in January 2020.
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Albuquerque, New Mexico