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Thayer Manca Residential Acquires Third Multifamily Property in NM

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December 20, 2019

Thayer Manca Residential Acquires Third Multifamily Property in NM

Seattle, WA - Thayer Manca Residential (TMR) has purchased Mirabella Heights, their newest multifamily property in the Albuquerque, NM market. The acquisition of the 280-unit property, combined with renovation costs, creates over a $100 million investment into the Albuquerque multifamily market in the last two years.

With $4,700,000 in renovation budget, the repositioning plan includes a reinvented clubhouse, modernized 24-hour fitness center, upgraded pool area, a new pet park, addition of package lockers, interior unit renovations, property rebranding and additional capital upgrades.

Mirabella is located on a 13+ acre site in the Sandia Heights district of Albuquerque, across the street from the entrance of Sandia National Laboratories and two blocks from Sandia Science & Technology Park. The property’s unique location also makes it the only post 2000-built garden style apartment community in the surrounding market.

“This is our third transaction in Albuquerque in the last 16 months” says Bruce Thayer, TMR Principal. “The historical stability of this market, in concert with its more recent economic growth, furthers our confidence in our acquisitions strategy in New Mexico.”

In 2018, TMR also purchased the 263-unit Circ Apartments (previously Ventana Canyon) & the 200-unit Ottavo Apartments (previously Presidio).

Mirabella Heights is located at 701 Stephen Moody St SE, Albuquerque, NM, 87123.

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.