Oct 23, 2013 - Albuquerque Business First
A group of California investors has purchased and plans to revitalize an apartment complex in Northeast Albuquerque.
The 63-unit Skyline Towers, located near Tramway Boulevard and Interstate 40, is being completely renovated.
Mark Ross of Orange County-based Granite Investment Group declined to disclose the purchase amount, but said the purchase and renovation is a multi-million-dollar venture. Ross said he and his partners are in the process of doing similar projects around the city and are aggressively looking for multifamily developments in prime locations that may be distressed or need to be re-positioned.
Ross said Skyline Towers had performed well historically, but was falling into disrepair. There are about seven tenants in the apartments, which Ross said makes it easier to do a thorough renovation. The development is located at 13500 Skyline Road NE.
“The building just sat for close to two years, so we are going in and doing roofing, paving and gutting all the units with new flooring and new fixtures,” Ross said.
He said one unique feature of the once bright orange apartment building is 34 underground parking spaces.
“There’s also a very large atrium in the main building that’s kind of an amazing space. We’re re-configuring it and are going to create an indoor-outdoor space for residents,” Ross said.
The name will change as well, from Skyline Towers to Cloudview Terrace. Ross said his group will do all the renovations and hire subcontractors.
“We saw an opportunity to take an interesting property and turn it around and still focus on the market it’s designed for, which is well-priced, smaller units,” he said.
Ross is the owner of the Agave Condominiums in Albuquerque’s Country Club corridor near the Vinaigrette restaurant. He relisted that development earlier this year and said there are a few units left after brisk rental interest in the condos.
Joe R. Romero, senior vice president in multifamily and investments for C&S Real Estate & Development, represented both Granite and an East Coast bank that held the note on the property in the transaction.
