Seattle, WA- Seattle-based Thayer Manca Residential (TMR) acquired two properties in Albuquerque as they make their first investment in the New Mexico market. Ventana Canyon & Presidio, combined with their renovation costs, created a $60+ million investment into the multifamily market in Albuquerque.
Major renovations, amenity additions and rebranding were recently completed at both properties, and celebrated with a ribbon cutting with local media and stakeholders.
Circ Apartments, previously Ventana Canyon, was purchased in November 2018. The 264-unit property is in the final phase of a more than $4,100,000 renovation project. Renovations included a reimagined clubhouse, expanded pool deck and outdoor amenities, upgraded 24-hour fitness facility, amplified landscaping, interior unit renovations, exterior paint and property rebranding.
Ottavo Apartments, previously Presidio, is a 200-unit property that was purchased in August 2018. A $4,000,000 renovation plan is nearly complete and includes a contemporary clubhouse, upgraded 24–hour fitness center, fully updated community kitchen and game area, new pool deck, the addition of package lockers, property rebranding, exterior paint refresh and interior unit enhancements.
“We can feel the good energy and growing economic strength of this market and plan to keep expanding our reach in Albuquerque,” says Joe Manca, Principal at TMR. “We are excited to be entering the New Mexico market and feel very strongly about providing workforce housing for this community.”
About Thayer Manca Residential LLC
Thayer Manca Residential LLC (TMR) is a multifamily investment firm, specializing in value-add opportunities. Based in Seattle, WA, TMR has closed over $1B in transactions throughout the western U.S. from Alaska to Texas. TMR is driven by a commitment to protect and grow investor capital, while delivering safe, clean and inspired homes. Using disciplined business practices and a hands-on asset management style, TMR has generated outstanding partnership returns without a single capital loss in the company’s 35+ year history.