A high-end apartment complex on the northwest side of Albuquerque may soon see some upgrading because of its acquisition by a Beverly Hills, California-based real estate investment company.
The San Miguel Del Bosque complex, located at 9180 Coors Boulevard NW, was built in 2007 and is made up of 39 separate buildings.
Altogether, the complex comprises 365 one, two, and three-bedroom units, ranging in size from 726 square feet to just over 1,200 square feet.
The Kennedy Wilson company has purchased the Coors Boulevard complex as part of a just-announced three-property acquisition that includes similar-sized complexes in Las Vegas, Nevada, and Scottsdale, Arizona.
According to a news release, the company plans to spend upwards of $19 million updating the three complexes, which could mean that the Albuquerque property will see at least $6 million in new work.
La Privada complex, located at 10255 East Via Linda Road in northwest Scottsdale, like the San Miguel Del Bosque complex, caters to a higher-end tenant base.
Built in 1985, the Scottsdale complex is made up of 404 one-, two-, and three-bedroom units. Those units measure anywhere from 715 square feet to 1,200 square feet.
Kennedy Wilson, with properties primarily along the West coast, says that it will renovate upwards of 65% and more of the units at both the Albuquerque, Las Vegas, and Scottsdale properties, as well as “refreshing common areas and enhancing amenities.”
Founded in 1977, Kennedy Wilson currently owns more than 37,000 apartment units nationally. Two years ago, the company approved a $63 million loan for the creation of a multi-family development based in Boulder.
The company has a net operating income of $434 million and saw its investments grow by just under $6 million during the final quarter of last year.
By Garry Boulard
