Continental Realty Group & MLG Capital Acquire 456-Unit Property in Albuquerque
Diamond Mesa pool & clubhouse
Albuquerque (May 15, 2020) — Continental Realty Group, through its subsidiary Continental Realty Assets, Ltd. ("CRA"), a Denver-based multifamily operator, in partnership with Milwaukee-based MLG Capital, announced today the purchase of the 456-unit Diamond Mesa Apartments in Albuquerque, NM. This marks the fourth partnership between CRA and MLG Capital.
The community, completed in 2015, features a robust amenity package and offers a wide-ranging unit mix with one-, two-, three- and four-bedroom flats and townhomes that all include direct-access garages. CRA and MLG plan to implement a renovation program that will focus on modernizing the property’s amenities and common areas, as well as adding cosmetic enhancements to the unit interiors.
Robert Ireland, CRA’s Managing Director of Investments, said, “We first would like to thank everyone involved in this transaction. These have been unique and challenging times, and if not for the entire team’s adaptability and effort, this deal would not have come to fruition. We’re excited to add Diamond Mesa and Albuquerque to our portfolio of other Western market assets. Albuquerque has proved resilient during these first several months of Covid-19 and is well positioned to recapture its 2019 momentum once we get to the other side of the pandemic.”
Albuquerque’s overall affordability as well as several recent employment expansions including Facebook, Intel, Netflix and NBCUniversal, bode well for the market’s long-term performance outlook. CRA identified Albuquerque as one if its target markets and has been actively looking for additional acquisition opportunities.
About Continental Realty Assets
Continental Realty Assets, Ltd. ("CRA"), is a subsidiary of Continental Realty Group, a real estate investment firm dedicated to the creation of value in multifamily real estate. For more information about Continental Realty Group, please visit www.continentalrealtygroup.com.