Vukota Real Estate Acquires Monterra Apartment Homes Located in Albuquerque, New Mexico
28 September, 2017
September 28, 2017 – Vukota Real Estate is pleased to announce the acquisition of Monterra Apartment Homes, a 315 units and located in Albuquerque, New Mexico.
Monterra Apartment Homes is located in Albuquerque’s strongest and most stable submarket, the prestigious Northeast Heights, with an average of 97.2% occupancy over the past five years. The property provides residents with ready-access to Albuquerque’s largest concentration of nearby retail, office, industrial, and recreational opportunities in a desirable neighborhood.
One of the most compelling attributes of Monterra Apartment Homes is the ability to add revenue through a market-supported value-add program. To date, 38% of the units have been renovated. Additionally, Monterra has exhibited a strong leasing trend over the past 12 months with effective rents increasing over 1.5%, while occupancy has averaged over 96.0%.